KDI Small Business Loans Untapped
July 28, 2016 at 4:25 p.m.
In 2004 Kosciusko Development Inc. received money from the Indiana Rural Development Council to make business loans.
A percentage of matching funds was secured through local banks and KDI received about $66,000 of a possible $95,000 through the federal program.
To date, only one application has been completed and it was turned down by the committee.
During Wednesday's executive board meeting, the loan program's status was discussed.
Accountant Dana Krull appeared at the meeting with a summary showing the funds as part of the financial statement, per state and federal guidelines.
Economic Development Coordinator Kim Nance said some people have inquired about grant money for small businesses, assuming the funds don't have to be repaid.
Instead, the funds are available as a business loan through Beacon Credit Union, Community First Bank and Trust, Farmers State Bank, 1st Source Bank, Lake City Bank or Mutual Federal Savings Bank.
Loan minimums are $10,000 and the maximum is $40,000. Interest is based on the prime interest rate.
To qualify, the applicant must have a business in Kosciusko County or plan to locate in Kosciusko County.
The business should employ 15 or fewer people and have gross revenue of less than $1 million.
The business must maintain or create new jobs.
The money can be used to purchase land, buildings, equipment and other fixed assets; be used in construction, expansion or remodeling buildings, purchase equipment or machinery; for research and development of new products or processes; and to buy out business assets.
Information is available at the banks and at KDI, 313 S. Buffalo St., Warsaw. The telephone number is 574-267-3111. The application is available online at www.kdi-in.com [[In-content Ad]]
In 2004 Kosciusko Development Inc. received money from the Indiana Rural Development Council to make business loans.
A percentage of matching funds was secured through local banks and KDI received about $66,000 of a possible $95,000 through the federal program.
To date, only one application has been completed and it was turned down by the committee.
During Wednesday's executive board meeting, the loan program's status was discussed.
Accountant Dana Krull appeared at the meeting with a summary showing the funds as part of the financial statement, per state and federal guidelines.
Economic Development Coordinator Kim Nance said some people have inquired about grant money for small businesses, assuming the funds don't have to be repaid.
Instead, the funds are available as a business loan through Beacon Credit Union, Community First Bank and Trust, Farmers State Bank, 1st Source Bank, Lake City Bank or Mutual Federal Savings Bank.
Loan minimums are $10,000 and the maximum is $40,000. Interest is based on the prime interest rate.
To qualify, the applicant must have a business in Kosciusko County or plan to locate in Kosciusko County.
The business should employ 15 or fewer people and have gross revenue of less than $1 million.
The business must maintain or create new jobs.
The money can be used to purchase land, buildings, equipment and other fixed assets; be used in construction, expansion or remodeling buildings, purchase equipment or machinery; for research and development of new products or processes; and to buy out business assets.
Information is available at the banks and at KDI, 313 S. Buffalo St., Warsaw. The telephone number is 574-267-3111. The application is available online at www.kdi-in.com [[In-content Ad]]