The Buchanan County Economic Development Commission (BCEDC) has added a new loan program to its arsenal of products to entice new businesses and industries to Buchanan County and to provide assistance for existing businesses and start-ups. The 543 Kick-Starter Loan Is designed specifically to give new and existing small businesses that extra something they need to be successful in Buchanan County. These loans will supplement loans from county financial institutions and give a Kick Start to businesses throughout the county.
This is how the loan works. The 543 Kick Starter Loan will match money borrowed from a certified lending institution, up to a $5,000 match. The BCEDC loan will be made for a period of 4 years at 3% interest. The first payment and interest are deferred for 6 months, giving the business time to establish a solid footing and cashflow. The BCEDC funds will not constitute more than one-half of the project. Additional project financing will be from a certified lending institution (preferably from Buchanan County).
The Buchanan County Economic Development Commission (BCEDC) has traditionally made larger loans to new and existing industries in manufacturing and agriculture. The new 543 Kick Starter loan focuses on the smaller business or start-up and will include retail and service businesses as well as restaurants.
The BCEDC will continue to offer their traditional loans to larger businesses either getting their start or considering expansion. The Business Growth Loan will provide loans between $5,000 and $25,000 at 3% interest for up to 7 years. This loan cannot constitute more than 1/3 of the financing for any project.
By providing these new, flexible loans, the BCEDC will be able to assist those businesses looking to create or retain jobs or provide a new, unique service within the communities of Buchanan County.
Click HERE to download the Revolving Loan Fund brochure.
For more information on these and other financial resources available in Buchanan County Click HERE to go to the Financial and Business Resources page of this website. For additional information contact Buchanan County Economic Development Director George Lake at firstname.lastname@example.org for 319-334-7497.