|
The Northern Kentucky Area Development District (NKADD) is in its ninth year assisting small businesses through its small business lending program, commonly referred to as the Revolving Loan Fund program. The goal of the program is to provide debt financing capital for small business owners unable to obtain sufficient private financing for projects deemed to be of economic benefit to the Northern Kentucky region. Since 1999, NKADD has lent over $1.3 million to 22 small businesses in the area. The Revolving Loan Fund (RLF) is publicly-funded through the Economic Development Administration, an agency of the U.S. Department of Commerce, and provides one-time direct loans with fixed interest rates. As the name of the fund implies, funds are replenished as borrowers repay their loans. Creating and retaining jobs in Northern Kentucky is a key component to the success of the loan program, and it is expected that for every $12,500 lent, one job will be created or retained. Applications and business plans are reviewed by a panel of local business people, as well as the NKADD Board of Directors. Businesses in all industries - industrial, commercial, service, and agricultural - are eligible and encouraged to apply for financing through the RLF. Loans range from $25,000 to $100,000 and are offered to businesses located in the NKADD region – Boone, Campbell, Carroll, Gallatin, Grant, Kenton, Owen, and Pendleton counties. Funds may be used for building purchase, most kinds of capital investment, and working capital, but the loan must lead to a creation or retention of long-term jobs. Borrowers are required to contribute, at minimum, 10% owner’s equity toward total project costs and provide collateral in an amount equal to or greater than the loan amount. RLF loan funds may be used in combination with other sources of financing as well. Anyone interested in obtaining more information about the program is encouraged to contact Loan Fund Manager Andy Baker at (859) 283-1885 or go to the NKADD website: www.nkadd.org/CommunityEconomic/RevolvingLoanFund.asp Contact Informaiton: |