Areas Served: Red Willow County
Originally funded through the Community Development Block Grant (CDBG) program offered through Nebraska Department of Economic Development, A local revolving loan fund is now held by Red Willow County.
The fund is administered by McCook Economic Development Corporation and is designed to help attract private investment or bank loans to job creating projects.
The CDBG re-use fund allows lower rates and longer terms than are often available from traditional lending sources.
Depending on availability of funds, CDBG loans and grants can be made to qualified projects at negotiable rates and terms.
Eligible activities, for which loan funds may be used, may include: 1. Purchase of land and buildings.
2. Construction or renovation of real estate, either leased or owned.
3. Machinery and equipment purchases both new or used.
4. Working capital, inventory.
5. Loan guarantees.
The maximum amount available for a project is an amount not to exceed 50% of the total project cost and not to exceed $35,000.00 per full time position created.
The maximum amount available for grants for job training and/or technical assistance/financial guidance is $10,000.00, but not to exceed 20% of the total project coSt. The amount of owner equity in the business generally required for a project is 10-20% for a start up business (less than 2 years) and 10% for an existing business.
Minimum owner equity requirement will be decided on a case-by-case basis.
Contact InformationCity of McCook, Nebraska
Address: 402 Norris Ave. Suite 301
City: McCook
State: Nebraska
Website:
http://mccookne.org/business-resources/financial-resources/local-incentive-programs/
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