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 call 859.283.1885.