Areas Served: Independence County
Independence County Economic Development provides a forgivable loan for businesses in Independence County, Arkansas.
A 1/4-cent sales tax increase was passed to help retain or expand jobs and spur business growth.
As a supplement to a traditional bank loan or other capital acquisition, applicants can receive a “forgivable loan” based on the number of new employees to be used for their funding needs.
So a small company needing $100,000 to start up a new business and intending to hire 10 employees could receive between $1-4,000 per new employee (based on salary/wage to be paid) to offset their overall funding need.
If the business actually hires all 10 workers, the loan is forgiven and is considered a grant.
If the business only hires 5 new workers, then one half of the loan is forgiven and the business pays the remaining half back as a subordinated loan from the ICED.
Contact InformationIndependence County Economic Development
Address: 192 E. Main St.
City: Batesville
State: Arkansas
Website:
http://www.independenceecondev.com/
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