Areas Served: Bell, Clay, Clinton, Cumberland, Estill, Harlan, Jackson, Knox, Laurel, Lee, Leslie, Letcher, Lincoln, Madison, McCreary, Owsley, Perry, Pulaski, Rockcastle, Russell, Wayne, and Whitley counties
The Micro-Enterprise Loan Fund is designed to encourage the development of Kentucky small businesses by extending credit and providing technical assistance.
All expansions and start-ups are eligible with the exception of businesses engaged in gambling, speculation lending or investments, pyramid sales, and floor planning.
Funds may be used for the purchase of equipment or for working capital for the business and loan terms cannot exceed six years.
A 5% minimum equity investment and personal guaranty are required.
Purpose: The purpose of the Kentucky Highlands Investment Corporation Micro-Enterprise Loan Fund is to encourage the development of small business by extending credit and providing technical assistance to qualifying micro-enterprises.
Loans and technical assistance through this program are only available to counties in Kentucky Highlands Investment Corporation’s service area.
These counties include Bell, Clay, Clinton, Cumberland, Estill, Harlan, Jackson, Knox, Laurel, Lee, Letcher, Leslie, Lincoln, Madison, McCreary, Owsley, Perry, Pulaski, Rockcastle, Russell, Wayne and Whitley.
Eligible Businesses: All expansions and start-ups of for-profit businesses are eligible with the exception of businesses engaged in gambling, speculation lending or investments, pyramid sales and floor planning.
Businesses must also meet the Small Business Administration’s small business size standards.
Loan Amount: $500-$50,000 Equity: Minimum 5% of total project cost Interest Rate: Fixed, Based on Risk Terms: Maximum of 72 months Uses of Funds: Working Capital and/or Equipment Restrictions: Real Estate Security: 1st Lien and Personal Guaranty
Contact InformationKentucky Highlands Investment Corporation
Address: P.O. Box 1738
City: London
State: Kentucky
Website:
http://www.khic.org/loan-programs/
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