How does the LIFT program work?

This loan program allows participating small businesses to defer interest payments on their line of credit for a two-year period.


Eligible businesses must meet the following requirements:

• Have been in business for at least three years
• Have an existing line of credit with a Delaware commercial bank
• Have between 3 - 50 employees

The participating bank recommends the small business borrower to the Delaware Economic Development Office. If your banker does not participate in the LIFT program, ask him or her to contact the Delaware Economic Development Office 302-739-4271. It's just a simple one-page application. Once approved the State of Delaware will begin paying the interest on the existing line of credit for two years. After that, the business will repay the state the amount borrowed over the next five years at 0 percent interest.

In other words, during the first two years of the program, the Delaware Economic Development Office will pay to the bank the monthly interest on the borrower's line of credit. During the remaining five years of the loan, the borrower makes principle-only payments as the loan has no interest. The maximum size loan to any borrower is $25,000.