LOAN POOL FUNDS FOR BUSINESS VENTURES
SCDC is fortunate to access roughly $500,000 for loans to qualifying emerging (start-up), existing and expanding Scott County businesses. The Board of Directors and Staff of SCDC understand their role to the entrepreneur. SCDC funding often provides the gap financing to fund a project that might otherwise be considered “too risky”. Working with local lenders has proven to be advantageous for borrowers. Loan terms vary from project to project, but interest rates are competitive and terms are friendly. SCDC does not charge fees for business plan coaching, market analysis and general assistance. SCDC stands ready to help YOU, when YOU are ready to start your business on a firm foundation.
SCOTT COUNTY MICRO LOAN PROGRAM
Available for businesses located in Scott County that have five or fewer full-time employees. The program must meet 51% participation by low to moderate income applicants. Not all projects must meet this requirement, just 51% of the projects. Maximum loan amount is $25,000. All start-up businesses MUST provide an injection of cash or tangible assets. Existing businesses must show a positive net worth. Can be a stand-alone financing source or coupled with other loans. Once loan is repaid, the funds are loaned to other businesses.
USDA RURAL BUSINESS ENTERPRISE GRANT
These grant funds were awarded in 2011 to enhance the SCDC loan pool. The funds are loaned, not granted, to local projects. This funding mechanism works well when partnered with personal capital, local lenders and SCDC loan pool funds. Again, applicants must provide an injection of cash or capital assets. Job creation is required to utilize these funds.
E(entrepreneurship)-COMMUNITY PROGRAM (Through Network Kansas)
Introduced to Scott County through a tax credit grant received from Network Kansas. These funds are intended to energize and empower communities to help entrepreneurs and financial partners transform ideas into strong, sensible business opportunities. E-community funding requires a partner like SCDC to fulfill that role. More information, business enterprise coaching, and applications are available at the SCDC office.
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