Areas Served: Bracken, Fleming, Lewis, Mason and Robertson counties
In 2004, Buffalo Trace was awarded a grant in the amount of $1,000,000 from the Kentucky Master Tobacco Settlement Trust Fund.
BTADD used these funds to assist a local manufacturing company.
The repayment of that loan provides funds for this loan fund, which will be used to make new AG loans in the Kentucky Counties of Bracken, Fleming, Lewis, Mason and Robertson.
BUSINESS LOAN APPLICATION PROCESS Applicants contact the BTADD/RLF – either from word-of- mouth or from bank referrals.
BTADD/RLF staff meet with the potential client to discuss the proposal.
Once it is determined that the proposal is a “doable” deal, the application is completed, a field visit is made to view the business, credit checks are made, etc.
.
Each applicant must submit a letter detailing how much they want to borrow and telling exactly what the funds will be used for.
A financial statement of the individual and the business is required, along with a cash flow projection for 3 years.
If a purchase of an existing business is involved, we will request the last 3 years’ Schedule C, 1040, federal tax return.
We always require personal signatures along with corporate if the business structure is that of a corporation.
Husbands and wives both must sign.
Once the application is complete, a meeting is scheduled for BTADD/RLF Loan Committee.
This Committee has 11 members from all five counties.
We prefer to make joint loans with the banks.
Minimum loan $5000, maximum loan $250,000. The lowest interest rate we can charge is four percent.
Loan Terms 3 years for working capital; up to 7 years for equipment; 10 years for real estate.
Contact InformationBuffalo Trace Area Development District
Address: 201 Government Street, Suite 300
City: Maysville
State: Kentucky
Website:
http://btadd.com/loans.htm
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