Rural Business
Development Loan Program
South Central Kansas Economic Development
District, Inc. (SCKEDD) offers a loan program for small businesses
that need loans between $2,500 and $50,000. This loan program is
being funded through a Kansas Income Tax Credit Program authorized
by the Kansas Economic Growth Act of 2004.
Eligibility
- For profit,
privately owned, small businesses located in the 14 county
service area (except for the cities of Hutchinson and Wichita).
Loan Amount
- $2,500 to
$50,000
- $20,000 or greater requires a bank denial
letter
Fees
· Direct
loan costs are paid by the borrower (credit reports, filing fees,
attorney fees)
· 1%
of loan fee, max. $100.00
Repayment
Terms
· Fixed
interest rate. For loans $25,000 or less it is Prime +2%; for loans
over $25,000 it is Prime +1%.
· Up
to 15 year term principal and interest based on loan amount and
collateral.
· No
penalty for early repayment
Collateral
- Collateral
required
-
Satisfactory guarantor considered.
- All
business assets, including assets purchased with loan proceeds
or real estate may be used as collateral.
Credit History
· Full
information required
· Applicant
must show creditworthiness
· No
tax liens, open judgments or collections.
· Explainable
circumstances are taken into consideration
Use of Funds
-
Purchase of business equipment
or business inventory
-
Working capital
-
Inventory
-
Leasehold improvements
-
Real estate with satisfactory
environmental review
For More Information
Contact:
Christie Henry,
Program Manager
Email:
christie@sckedd.org
316-262-7035
209
E. William, Ste. 300
Wichita, Kansas
67202-4012 | 
