Areas Served: CHAUTAUQUA, COWLEY, ELK, GREENWOOD, HARPER, HARVEY, KINGMAN, MCPHERSON, MARION, RENO, RICE, SEDGWICK, SUMNER, BUTLER COUNTIES – Except for the cities of Wichita and Hutchinson
The South Central Kansas Economic Development District’s Intermediary Relending Program (IRP) is for direct business loans of $250,000 or less with a 25% match from other source(s) required in Kansas businesses.
About the IRP This program is designed to assist small businesses in the more rural areas including communities with a population of 25,000 or less in South Central Kansas.
It may be used primarily for land and building, machinery and equipment, or inventory and working capital.
SCKEDD is able to give direct loans to qualified applicants.
Qualifications To quality for the IRP, you’ll need:
¢Maximum loan is $250,000; 25% match required.
¢Collateral must be a 1st or co-1st position for SCKEDD.
¢Financing for most business needs; no refinancing.
¢Turn-down from lender necessary.
¢No job creation requirement, but to maximum extent possible, encourages employment of low-income persons, farm, and displaced families.
Interest Rate and Repayment
¢Primary industry and non-profits: fixed rate of New York Prime plus 1%.
¢Other businesses: fixed rate of New York Prime plus 1.5%
¢Minimum: fixed rate of 9%.
¢Term determined by average project life of: Land and building = 25 years, machinery and equipment = 7-10 years, inventory and working capital = 5-7 years.
¢No penalty for prepayment.
¢Total portfolio = $2 million.
Eligible Areas
¢All SCKEDD counties except for the cities of Wichita and Hutchinson.
¢Davis-Bacon does not apply.
Contact InformationSouth Central Kansas Economic Development District
Address: 200 W. Douglas, Suite 710
City: Wichita
State: Kansas
Website:
http://www.sckedd.org/loans/intermediary-relending-program-irp/
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