Areas Served: Downtown Maysville, Kentucky
The City of Maysville has established a loan fund for the purpose of making business loans in the City of Maysville.
BTADD staff administers this fund.
This fund and the BTADD/RLF Recap fund were part of the financing that helped to fund the French Quarter Inn in downtown Maysville.
One full-time job must be created for every $10,000. 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 Information
Buffalo Trace Area Development District
Address: 201 Government Street, Suite 300
City: Maysville
State: Kentucky
Website:
http://btadd.com/loans.htm
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