Areas Served: Daviess, Henderson, Hancock, Webster, Union, McLean, and Ohio Counties
The GRADD Intermediary Relending Program (IRP) was established to develop and assist in financial loans for companies in the industrial, commercial, and service sectors for Kentucky businesses in Daviess, Henderson, Hancock, Webster, Union, McLean, and Ohio Counties PROGRAM GUIDELINES 1. Projects must be located in Daviess, Henderson, Hancock, Webster, Union, McLean, and Ohio Counties.
However priority will be given to projects located in Henderson, Webster, Union, and McLean Counties.
Due to funding guidelines, projects located in Owensboro and the City of Henderson will not be considered for an IRP loan.
2. Project must be in the industrial, commercial, and service sectors 3. The GRADD IRP may participate up to 50% of a project.
The maximum loan is $150,000; the minimum loan is $30,000. 4. The project owner(s) must inject a minimum of 10 percent of the total project coSt. 5. The IRP requires other lender participation in the project.
6. Maximum IRP Terms: – Working Capital 5 years – Equipment 7 years – Land & Building 15 years of the region.
7. Generally, the interest rate will be between four percent (4%) and six percent (6%).
However, exceptionally strong applicants may receive a lower rate.
The GRADD EDC on a case-by-case basis will determine rates below 4%
Contact InformationGreen River Area Development District
Address: 3860 Hwy 60 West
City: Owensboro
State: Kentucky
Website:
http://www.gradd.com
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