COVID-19 Relief Loans

Program Description

The Northern Kentucky Area Development District received a $500,000 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, rent, utilities, supplies, inventory management, and/or payment to vendors.

  • 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 prepayment penalty.
  • Collateral - Personal guarantees will be required. Loan amounts above $10,000 may require additional collateral.

The applicant must be an existing business legally established in one of the eight counties that comprise the NKADD service region: 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.

Required Documents 

NKADD COVID-19 Business Relief Application
2019 tax return
Credit Check Authorization Form for all owners with 20% or greater ownership
Current record of financial condition of business, Financial Statements

Payroll verification documents, copy of lease agreement or mortgage statement, last two months utility statements, and/or inventory purchase agreements may be requested depending on the use of funds requested.

Contact Information

For more information on the NKADD’s Small Business COVID-19 Relief lending program, please contact This email address is being protected from spambots. You need JavaScript enabled to view it. at 859.283.1885.

Contact Information

Northern Kentucky Area Development District

22 Spiral Drive
Florence, KY 41042
P: 859.283.1885
F: 859.283.8178
TDD: 711
For general questions, please email

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