Hea
Marshall County 0% for up to $10k Revolving Loan Fund
On 6.1.2020, The commissioners made a motion to develop a county loan fund with a start of $25,000 from the economic development county budget line item to help businesses recover from covid-19 setbacks and to strengthen local business. In August of 2020, Evergy generously granted MCP4G another $15,000 to add to the loan base for a total of $45k. We raised the threshold to up to $10k per loan per request of business owners.
All expanding, growing or start-up businesses are welcome to apply, but businesses that suffered during the pandemic are especially welcome. First come, first served. It is our hope that every business in the county will be a strong business. This loan is in Partnership 4 Growth for the administration of the grant. To make sure there is available loan money since this is a popular loan, please call Frank Shoemaker at Citizen's State Bank. That number -785-562-4312.
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Eligibility:
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Small independent business start-ups or owners in Marshall County, or those wishing to relocate here. (If the business is moved outside of Marshall County, the loan is expected to be paid in full.)
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Chain or franchise businesses will not be eligible.
Goals
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The goal of the loan program is to help small businesses to purchase, enhance, improve, expand or assist in start-up expenses.
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Income from the interest and fees and the principal payments would be reinvested back into the revolving loan fund to continue to help county businesses.
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New businesses will especially be encouraged to develop a mentoring relationship from an existing business owner to help provide guidance and advice.
Uses
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For tangible items such as: the purchase an ongoing business, purchase of real estate or buildings, remodeling of existing structure, purchase or repair of business equipment and tools, or inventory.
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Not intended for business working capital, farming, housing or apartment complexes.
Terms
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The maximum amount of the loan is up to $10,000.00 with a maximum two-year payback.
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The interest rate charged will be 0.00% for the first year commencing with the date of the first advance. Any principal balance remaining after the first year will accrue interest at the rate equal to 1.0% above the U.S. Prime Rate with a floor of not less than 5.0%.
Application
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Applications will be reviewed within 30 days as received.
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Applications will be available on the MCP4G website for the public as well as the county website.
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Loans are made upon approval of the loan application, based upon availability of monies in the revolving loan fund.
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A $50.00 application fee will be submitted with each application to the Director of the Marshall County Partnership 4 Growth, P.O. Box 61, Marysville, KS 66508.
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Members of the Marshall County Partnership For Growth Board, one Marshall County Commissioner, and 2 other Marshall County residents (one from each of the County Commissioner Districts not already represented) would review the applications and determine the approval of the loan. All decisions are final.
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Applicant must be in good standing and current with any other loans they are obligated on.
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Other documentation required to be filed with the application would be copies of income tax returns, personal financial statement and a current credit report.
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Copies of cost estimates of the project or purchase agreements are also to be submitted.
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Collateral for the loan would be personal guarantees signed by the borrowers.
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Each qualified loan recipient is limited to one loan at a time. Following the repayment of the original loan, business owner may reapply for an additional loan subject to the availability of funds.