Loan amount available: $15,000 per job being created/retained up to two-third of
$75,000 project cost (subject to availability of funds)
$15,000 per job being created/retained up to one-half of project cost exceeding $75,000 (subject to availability of funds)
Interest rate: Prime – 3% (floor of 4%)
Term: 3-7 years for working capital and inventory
3-15 years based on life of asset being purchased
Primary eligibility requirements:
Bank request for assistance
Creation or retention of jobs
Program available in the City of Herington
Special requirements: 51% of jobs created/retained must be to the benefit of low-to-moderate income families through survey.
Construction projects require adherence to Davis-Bacon Wage Rates and ADA handicapped accessibility.
