Business owners may apply for funds to meet short-term needs such as payroll, utilities, rent, supplies, inventory management, and/or payment to vendors.
(Carrollton, Ky.) – The Northern Kentucky Area Development District received $500,000 in EDA CARES Act Recovery Assistance grant to capitalize and administer a Revolving Loan Fund (RLF) to provide critical gap financing to small businesses and entrepreneurs adversely affected by the coronavirus pandemic.
Business owners may apply for funds to meet short-term needs such as payroll, utilities, rent, supplies, inventory management, and/or payment to vendors.
In order to be eligible for this grant, the applicant must be an existing business legally established in one of the eight counties that comprise the NKADD service region.
Those counties are Boone, Campbell, Carroll, Gallatin, Grant, Kenton, Owen, or Pendleton. The business must be able to prove that they have been economically impacted by the COVID-19 pandemic and be in the industrial, commercial, or service sectors.
The program will work as follows:
- Loan Amounts - Loan requests between $5,000 and $50,000 will be considered
- Closing Costs - The borrower is responsible for all closing costs associated with the loan
- Interest Rate - Loans are assigned a fixed interest rate of 3%
- Repayment Terms - Borrowers may request a repayment period of up to five years with a six-month deferral period. The borrower may repay an RLF loan at any time without a prepayment penalty.
- Collateral - Personal guarantees will be required. Loan amounts above $10,000 may require additional collateral.
For more information, you can visit http://www.nkadd.org/businesses-employers/covid-19-relief-loans.
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