Areas Served: Barber, Greeley, Wichita, Scott, Lane, Ness, Rush, Barton, Hamilton, Kearny, Finney, Hodgeman, Pawnee, Stafford, Stanton, Grant, Haskell, Gray, Ford, Edwards, Kiowa, Pratt, Morton, Stevens, Seward, Meade, Clark, Comanche Counties, Kansas
The Rural Economic and Community Development (RD) Intermediary Relending Program (IRP) is designed to assist small businesses in the more rural areas in Southwest Kansas.
Funds may be used primarily for land, buildings, machinery and equipment, inventory and working capital.
GPDI can make direct loans to qualified applicants and sets the loan term and interest rate.
Eligibility – For small businesses in the more rural areas or in communities of 25,000 population or less in Southwest Kansas.
– Loan turndown or participation letters from area lenders are required.
– No job creation requirement, but to maximum extent possible, encourages employment of low-income persons, farm and displaced families.
– Eligible areas: Entire GPDI service area.
Projects Financed – Financing for most business needs; no refinancing.
– If the project involves construction, Davis-Bacon does not apply.
– Project can be coupled with other internal GPDI loan funds, as well as other lending sources.
Loan Amount – Maximum loan is $150,000; 25% match required.
Limited funds available.
Interest Rate/Fees – Set by GPDI.
Current variable rate is 9%.
– Origination fee of 1% of loan amount or $500.00, whichever is greater.
– Closing fee of $300.00. -Miscellaneous fees incurred in the process of approval and closing (i.e. credit bureaus inquiries, mortgage filings, U.
C.
C.
searches and filings, appraisals, title work, etc.
) Repayment – Term determined by average project life of: Land and building = 10 years; machinery and equipment = 7-10 years; inventory and working capital = 5-7 years.
– No penalty for prepayment.
Contact InformationGreat Plains Development, Inc,
Address: 100 Military Plaza, Suite 128
City: Dodge City
State: Kansas
Website:
http://gpdionline.com/?page_id=322
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