What is the borrowing interest rate Michigan

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Calculation example: with a loan amount of USD 100,000 at 10% per annum, for a period of 1 year, the total amount to be repaid will be equal to: USD 105,499.06, with a monthly payment: USD 8791.59. The consequences of not paying the loan are regulated by the legislation of USA.

    What is the loan rate?

    If the company fulfills the conditions of maintaining employment for one year and has no debt to the social insurance company or health insurance companies at the end of that year, the interest rate after the subsidy from the Ministry of Finance will be 2.76%.

    If the company does not meet any of these conditions, it will pay a higher rate of 7.06%.

    What is the loan amount?

    The loan can be drawn in the amount of annual contributions for permanent employees. The minimum loan amount is 10,000, the maximum is 350,000.

    Who can apply for a loan?

    The loan is intended for small and medium-sized enterprises, i.e. companies with less than 250 employees and:
       a) their annual turnover is less than 50 million;
       b) their balance sheet amount is less than 43 million.