Areas Served: City of Glasgow
The City of Glascow has established two loan funds for businesses in Glascow, Kentucky.
Revolving Loan Fund Assists new and expanding industries with their efforts.
The fund proceeds are for fixed asset financing only.
The loan will have a low, fixed or variable interest rate, with the term determined by the type of asset financed.
The amount of investment we can make in a particular project is based on the size of the proposed facility and the number of new jobs to be created.
The typical loan is $10,000 per job created and no more than 25% of the total project cost with a maximum loan amount of $250,000.00 for a term of 5-10 years.
The interest rate is usually variable and 2% above the 90 day U.S. Treasury bill rate at the time of closing.
The City of Glasgow Revolving Loan Pool is participatory, working closely with local banks and state agencies to complete a financial package and is subject to their approval and ratification.
Glasgow Economic Development Loan (GEDL) The City of Glasgow has established an Economic Development Loan to assist new and expanding industries with their efforts.
The fund proceeds are usually for fixed asset financed at a very low fixed interest rate, with the terms determined by the type of asset financed.
The total loan amount for any one project is based on the size of the proposed facility, the total project investment, the average plant wage, and the number of new jobs to be created.
The typical loan is $10,000 per job created and no more than 25% of the total project cost with a maximum loan amount of $250,000.00 for a term of 5-10 years.
This loan program has the flexibility to set its own interest rate and terms and can be structured as a forgivable loan based on the criteria set out above.
This program would be implemented with the assistance of the Glasgow City Council and is subject to their approval and ratification.
Contact InformationCity of Glasgow, Kentucky
Address: 200 S. Green Street
City: Glascow
State: Kentucky
Website:
http://glasgowbarrenidea.com/incentive-programs/
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