WARSAW — Kosciusko Economic Development Corporation today announced updates to terms of early-stage loans from the organization’s Revolving Loan Fund (RLF) to meet the immediate needs of local businesses.
“We understand that building ‘locally owned, locally grown’ includes helping clients build resiliency during times of uncertainty,” said KEDCo CEO Alan Tio. “Our team is reaching out to clients to provide connections, build solutions and share best practices to strengthen our community.”
KEDCo can make available up to $40,000 in early-stage loan funding in increments of up to $10,000 each. The loans are available for 12 or 24-month terms for working capital. Changes consist of a reduction in the interest rate to prime+1 percent and reduction in borrower participation to a minimum of 5 percent. Personal guarantee is still required.
More information and the application form are available at the KEDCo website. Entrepreneur Navigator Rhonda Ladig works with applicants to prepare their application materials for review by the KEDCo RLF loan committee.
“We are fortunate to be able to offer microloans thanks to funding from USDA Rural Development,” said Entrepreneurship partner Rhonda Ladig, “We can also call on a strong network of entrepreneurial support organizations ready to support entrepreneurs.”
KEDCo is also working to connect clients with economic development partners at regional and state levels. Examples of available resources include the following:
Gener8tor Emergency Response webinar series: free one-week series of daily lunchtime programs designed to identify, understand and help small businesses secure resources to withstand the current crisis.
SBA Economic Injury Disaster Loans: low-interest loans of up to $2 million to businesses and private non-profits to pay fixed debts, payroll, accounts payable and other bills. Loans have long-term repayment options, and specific terms are determined on a case-by-case basis based on borrower’s ability to repay.
COVID-19 Manufacturing Community Discussion Forum: Purdue Manufacturing Extension Partnership has created this forum for manufacturing companies to engage one another on topics pertaining to COVID-19.