Proper Use of MBE Loan Funds

Proper Use of MBE Loan Funds. MBE loan funds may be used to fund fifty percent (50%) of total project that consist of borrowed costs or $250,000, whichever is less. The minimum total project eligible for consideration is $15,001. Any project requests of $35,000 or less may be eligible for funding under the Minority Micro-Loan Program as outlined below. A combination of state funds may be used to finance project costs; however, the combination of these funds may not exceed 50% of the total project that is borrowed.