Loans are available for small business to: acquire land, buildings, equipment and other fixed assets; construction, expansion or remodeling of building; purchase of equipment or machinery; research and development of new products/processes; or buy-outs by purchase of business assets.
To qualify for a loan:
n The business must be in Kosciusko County or be expanding by locating a facility in the county.
n Have 25 employees or less and annual gross revenue of $2 million or less.
n Complete an application and required paper work and return it to Kosciusko Development Inc. for consideration.
n Business must maintain or create new jobs.
The low-interest loans are offered at prime rate with a minimum loan of $10,000 and a maximum loan of $40,000. The rate is fixed up to five years with the loan term based on use of funds.
Community partners include: Beacon Credit Union, Farmers State Bank, First Financial Bank, 1st Source Bank, Lake City Bank and Mutual Federal Savings Bank, with the assistance of an Indiana Rural Development Council grant.
For more information or an application, contact the KDI/Chamber of Commerce office or a community partner. KDI is at 313 S. Buffalo St., Warsaaw. Call the Chamber at 574-267-6311 or visit www.kdi-in.com
