The Division of Commerce is encouraging Barton County, and all Neighborhood Improvement Block Grant recipients, to make use of their CDBG Revolving mortgage Fund monies to help small companies with their want for working capital and to proceed to make use of their staff in the course of the COVID-19 pandemic, stated Sue Cooper, Barton County grant coordinator.
“The Kansas Division of Commerce CDBG Program is permitting instant use of Barton County’s CDBG revolving fund monies to assist the working capital wants of companies in your neighborhood,” she stated. Listed here are the phrases:
1. Loans have to be used for working capital. Working capital is outlined as salaries and wages, buy of stock, utilities, hire, insurance coverage funds, and many others.
2. The time period of the mortgage shall be three-years or much less.
3. The rate of interest will probably be .5%.
4. Cash loaned, when re-paid, will likely be returned to your accounts.
5. Full the Job Certification Type to show 51% of the individuals impacted are low to reasonable revenue at retention.
6. Collateral is just not required.
7. Funds are restricted and will likely be accessible on a first-come-first-served foundation.
8. Apply by contacting Nice Plains Improvement.
9. Job retentions will want a letter from the corporate/enterprise testifying the corporate is both shut down or will likely be shut down attributable to COVID-19.
10. Public Discover of Fund Availability has been diminished to 24 hours. They may enable posting with space Barton County media retailers.
“We hope this motion taken by the Kansas Division of Commerce, Nice Plains Improvement, and Barton County helps to maintain space companies,” Cooper stated.
Name Nice Plains Improvement at 620-227-6406 for additional particulars, eligibility necessities, and to finish one utility for a number of mortgage sources.