Areas Served: Barber, Barton, Clark, Comanche, Greeley, Hodgeman, Kiowa, Lane, Meade, Ness, Pratt, Rush, Scott, Seward, Stafford and Wichita Counties
Eligibility – For private enterprises, public and non-profit small business located in the counties of Barber, Barton, Clark, Comanche, Greeley, Hodgeman, Kiowa, Lane, Meade, Ness, Pratt, Rush, Scott, Seward, Stafford and Wichita, Kansas.
– Loan turndown or participation letters from area lenders are required for all RLF loans.
– A business plan may be required.
– Jobs must be created or retained by the project.
Projects Financed – Financing is available for most business needs including working capital, inventory, equipment, machinery and other fixed assets.
Restructuring of existing debt is generally not eligible and must be approved by EDA.
– If the project involves construction, Davis-Bacon wage rates must be paid.
– Project can be coupled with other internal GPDI loan funds, as well as other lending sources.
Loan Amount RLF Loans up to $150,000 from an internal revolving loan fund pool.
Pool of funds is limited.
Interest Rate/Fees – Private Enterprises: Variable interest rate ranging from Prime + 1.5% to Prime + 4.25%, Minimum of 9%.
– Public and Non-Profits: Variable interest rate ranging from Prime + 1 % to Prime + 4.25%, Minimum of 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 bureau inquiries, mortgage filings, U.
C.
C.
searches and filings, appraisals, title work, etc.
) Repayment – Principal and interest payment schedule based on the cash flow of the business and use of proceeds – – Land and Building 10 years – Machinery and Equipment 7-10 years – Inventory and Working Capital 5-7 years – Principal payments may be deferred if projections do not show the ability to pay principal right away.
– There is no penalty for prepayment of an EDA/RLF loan.
Collateral – RLF loans are secured by the best collateral position available and can be subordinated.
– Personal guarantees of the owner(s) of the business are required.
Contact InformationGreat Plains Development, Inc,
Address: 100 Military Plaza, Suite 128
City: Dodge City
State: Kansas
Website:
http://gpdionline.com/?page_id=320
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