Areas Served: Wichita County
The purpose of the Wichita County Economic Development, Inc. Revolving Loan Fund (WCEDRLF) is to foster economic development within Wichita County, Kansas.
The objective of this fund is to promote rural economic development and/or job creation projects.
The WCEDRLF shall be used to stimulate economic growth by leveraging as much private capital as possible for the following economic activities.
REQUIREMENTS To be eligible for Revolving Loan funding, Wichita County Economic Development, Inc. must deem the applicant’s project is in the best interest of development for Wichita County.
Priority will be given to Wichita County residents.
ELIGIBLE ACTIVITIES All projects must demonstrate that they are economically viable.
Business start-up, expansion and retention projects are all eligible activities.
The objective of creating and retaining permanent private-sector jobs requires that the overall project feasibility and job creation potential be emphasized.
The focus of the WCEDRLF is to promote growth while supporting development which diversifies the county’s economy.
Each activity will be evaluated on a project by project basis.
INELIGIBLE ACTIVITIES Ineligible activities consist of such activities as: debt refinancing without an expansion, speculative land purchases, single family dwellings, transfer of ownership without expansion and 100% working capital loans.
These are examples and not intended to be all inclusive.
Each activity will be evaluated on a project by project basis.
USES OF CAPITAL Loans must be used to promote economic development and/or job creation projects, including, but not limited to, start-up costs, business incubator projects, and business expansion.
LOAN LIMITS The minimum loan amount will be $5,000 from the WCEDRLF.
It is the intention of the WCEDRLF to assist as many economic development projects as possible with the proceeds of this fund.
RATE OF INTEREST: Minimum – 2%; Maximum – no more than New York Prime.
Contact InformationWichita County Economic Development, Inc.
Address: 206 S. 4th Street
City: Leoti
State: Kansas
Website:
http://www.wichitacounty.org
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