Tourism Infrastructure Loan Fund (TILF) Back The Tourism Infrastructure Loan Fund (TILF) was established by CAEDC to lessen the financial risk to banks lending capital to businesses in the tourism industry for acquisitions and facility improvements. ELIGIBLE PROJECTS Land and building acquisition Site and Leasehold Improvements Building renovation New Construction Machinery and equipment purchase ELIGIBLE BORROWERS Any non-profit or for-profit tourism enterprise. The following are considered tourism enterprises: Hotel, motel, bed and breakfast or other lodging facility An enterprise operating as a restaurant or food service operation An enterprise deemed as a tourism attraction and regarded to specific and quantifiable reach to out-of-town visitors LOAN LIMITS $50,000 minimum, $100,000 maximum TERMS 10 years for machinery and equipment 5 years for real estate (includes land and building acquisition and development) Borrower must provide a minimum of 10% of the project as equity. JOB REQUIREMENT One full-time job for every $35,000 that is borrowed must be created or retained as a requirement for this loan. Failure to meet this benchmark will result in an increase of the interest rate to whatever the prime interest rate is at the time the penalty is assessed. This requirement can be waived for family-owned establishments. INTEREST RATE 2.50% – 3.5% fixed interest rate for the life of the loan. Target tourism areas, as deemed by CAEDC to be development priority, will receive a special, lower fixed rate.