Areas Served: Bracken, Fleming, Lewis, Mason and Robertson County
The Intermediary Relending Program funds are used to make business loans in the BTADD Counties (Bracken, Fleming, Lewis, Mason and Robertson).
BTADD repays these funds to RD at a 1% rate of interest, with BTADD earning the interest on loans above the RD rate to BTADD.
This gives us yet another source of funds with which to stimulate economic growth and job creation in our area.
One full-time job must be created for every $10,000 borrowed.
BUSINESS LOAN APPLICATION PROCESS Applicants contact the BTADD/RLF – either from word-of- mouth or from bank referrals.
BTADD/RLF staff meet with the potential client to discuss the proposal.
Once it is determined that the proposal is a “doable” deal, the application is completed, a field visit is made to view the business, credit checks are made, etc.
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Each applicant must submit a letter detailing how much they want to borrow and telling exactly what the funds will be used for.
A financial statement of the individual and the business is required, along with a cash flow projection for 3 years.
If a purchase of an existing business is involved, we will request the last 3 years’ Schedule C, 1040, federal tax return.
We always require personal signatures along with corporate if the business structure is that of a corporation.
Husbands and wives both must sign.
Once the application is complete, a meeting is scheduled for BTADD/RLF Loan Committee.
This Committee has 11 members from all five counties.
We prefer to make joint loans with the banks.
Minimum loan $5000, maximum loan $250,000. The lowest interest rate we can charge is four percent.
Loan Terms 3 years for working capital; up to 7 years for equipment; 10 years for real estate.
Contact InformationBuffalo Trace Area Development District
Address: 201 Government Street, Suite 300
City: Maysville
State: Kentucky
Website:
http://btadd.com/loans.htm
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