Loan amount available: Up to $10,000 based on need, subject to availability of funds.
Term: Up to 10 years, up to 12 months deferral based on need. Interest will accrue.
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.
- 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 2021 or 2022 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.
Fees: 1% processing
- Debt refinance
- Requests to fund identical expenses already reimbursed by another local, state, and/or federal loan or grant
- Non-profits and production agriculture are ineligible
See Business Finance Program for assistance.