Finding A Business Loan In Kentucky
Kentucky Economic Development Finance Authority (KEDFA) If you are planning to kick-start your business in Kentucky but feeling at a loss about the best to do it, do not panic.
Kentucky Economic Development Finance Authority (KEDFA) has many business establishment options in store for you.
The institution offers several programs to give the small businesses access to easy funds.
Loans and grants obtained through KEDFA provide flexible terms and conditions to the borrowers unlike the industry norms.
Some of these programs are as follows: Small Business Loan Program (SBLP) These programs are offered to manufacturing, service, technology, or agribusiness industries.
Such companies must be into retailing and not into provision of personal or professional services to qualify for availing such a program.
Borrowers can use the loans obtained through this program to acquire land and buildings, buy or install equipment, utilize in working capital, or any other business-related expense approved by KEDFA.
These loans cannot however be used for refinancing or restructuring of bank loans and other debts.
Such a loan facility necessitates the business owner to create at least one permanent job within one year following the loan sanction.
SBLP can fund the entire project cost and charges fixed interest cost during the tenor.
KEDFA Direct Loan Program (KEDFADLP): KEDFADLP comprises mortgage loan programs that work together with private financing units to give small businesses long-term finances for business expansion.
Such loan facilities are only offered to businesses in the areas of tourism, industrial application, services, and agribusiness.
Retail ventures are not eligible for this loan category.
KEDFADLP can finance up to 25% of the entire project cost; its participation can however increase if the business creates jobs that are more permanent within one year.
KEDFADLP necessitates the business owners to infuse at least 10% towards acquisition of the fixed assets for business expansion.
Borrowers can use the loans obtained through this program to acquire land and buildings, buy or install equipment, utilize in working capital, or any other business-related expense approved by KEDFA.
The loan has fixed interest rates and is not disbursed until the entire project, as specified in the loan application, is complete.
Commonwealth Small Business Development Corporation (CSBDC): CSBDC is responsible for the economic development of Kentucky by promoting business development.
The body is certified maker of SBA 504 loans anywhere in Kentucky's Commonwealth to contribute to economic development and creation of employment opportunities.
CSBDC works in close coordination with various state bodies and organizations for economic development to develop community economy, create jobs, and retain employees.
The institution fulfills its objectives by providing log-term financing options to small businesses for acquisition of fixed assets.
Loans through CSBDC can comprise 40% of the entire project cost.
Kentucky Economic Development Finance Authority (KEDFA) has many business establishment options in store for you.
The institution offers several programs to give the small businesses access to easy funds.
Loans and grants obtained through KEDFA provide flexible terms and conditions to the borrowers unlike the industry norms.
Some of these programs are as follows: Small Business Loan Program (SBLP) These programs are offered to manufacturing, service, technology, or agribusiness industries.
Such companies must be into retailing and not into provision of personal or professional services to qualify for availing such a program.
Borrowers can use the loans obtained through this program to acquire land and buildings, buy or install equipment, utilize in working capital, or any other business-related expense approved by KEDFA.
These loans cannot however be used for refinancing or restructuring of bank loans and other debts.
Such a loan facility necessitates the business owner to create at least one permanent job within one year following the loan sanction.
SBLP can fund the entire project cost and charges fixed interest cost during the tenor.
KEDFA Direct Loan Program (KEDFADLP): KEDFADLP comprises mortgage loan programs that work together with private financing units to give small businesses long-term finances for business expansion.
Such loan facilities are only offered to businesses in the areas of tourism, industrial application, services, and agribusiness.
Retail ventures are not eligible for this loan category.
KEDFADLP can finance up to 25% of the entire project cost; its participation can however increase if the business creates jobs that are more permanent within one year.
KEDFADLP necessitates the business owners to infuse at least 10% towards acquisition of the fixed assets for business expansion.
Borrowers can use the loans obtained through this program to acquire land and buildings, buy or install equipment, utilize in working capital, or any other business-related expense approved by KEDFA.
The loan has fixed interest rates and is not disbursed until the entire project, as specified in the loan application, is complete.
Commonwealth Small Business Development Corporation (CSBDC): CSBDC is responsible for the economic development of Kentucky by promoting business development.
The body is certified maker of SBA 504 loans anywhere in Kentucky's Commonwealth to contribute to economic development and creation of employment opportunities.
CSBDC works in close coordination with various state bodies and organizations for economic development to develop community economy, create jobs, and retain employees.
The institution fulfills its objectives by providing log-term financing options to small businesses for acquisition of fixed assets.
Loans through CSBDC can comprise 40% of the entire project cost.
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