Loan amount available: $50,000 per job being created/retained up to $150,000 maximum loan amount with $10,000 minimum loan amount (subject to availability of funds). Expedited process for loans of $50,000 or less.
Term: Up to 10 years, up to 12 months deferral based on need
Primary eligibility requirements:
- For profit business adversely impacted by the COVID-19 pandemic to help preserve business and jobs.
- Bank request for assistance on behalf of COVID-19 pandemic impacted business located in Clay, Cloud, Dickinson, Ellsworth, Jewell, Lincoln, Marshall, Mitchell, Ottawa, Republic, Saline and Washington County, Kansas.
- Creation or retention of jobs.
- Borrower(s)/Owner(s) with 700+ credit score from national credit bureau source prior to pandemic (beginning December 2019 through application date).
- Business having a 2019 proforma debt coverage ratio of 1:1 or greater as calculated by bank.
- Primary loan with a bank that has a physical location in the North Central Regional Planning Commission 12-county service area.
Special requirements: Construction projects require adherence to Davis-Bacon Wage Rates and ADA handicapped accessibility.
See Business Finance Program for assistance.