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SBA 504 Loan
An economic development program that provides small business
concerns with a financing source of potentially 90% for the
acquisition of fixed assets such as land, buildings, new
construction, machinery and equipment. The program requires a lower
owner investment and up to 40% of the eligible project costs may be
financed with a longer term, normally below-market, fixed-rate loan.
SBA 7(a) Loan
If you are working through your bank to
secure additional funding for your business, the SBA 7(a) loan may be
the program you need. Financing for inventory, working capital, equipment,
land, buildings and refinancing, under certain conditions, are all eligible
uses.
SBA Express
SBAExpress
provides selected lenders with a 50 percent guaranty on their loans
in exchange for the ability to use their own application and
documentation forms. This method makes it easier and faster for
lenders to provide small business loans of $350,000 or less.
Click
here for more information on the SBA Express Loan
Program.
A GPDI
representative will work with the lender's client to prepare
documentation for the lender's credit review and analysis. The
lender completes the required SBA application forms.
Click
here to access the necessary SBA Express forms.
Rural Development Business & Industry (B&I) Program
If your business is located in a rural area or
city with less than 50,000 population and you plan to add jobs with
your business expansion, the B&I program may apply to your needs.
Community Development Block Grant
- Economic Development (CDBG-ED) Program
If you plan
extensive development of a business including land, building,
machines and other equipment and create jobs in the process, you may
qualify for Community Development Block Grant (CDBG-ED) loan funds.
In-House Revolving Loan
Fund (RLF) Programs
Economic Development Administration (EDA) Revolving
Loan Fund (RLF) Program
If your business needs call for less than $150,000, you may qualify
for the EDA Revolving Loan Fund.
Rural Development Intermediary Relending
Program (IRP)
If you own a
business in a rural area or community of up to 25,000 population and
you need a maximum of $150,000 in funds (minimum 25% match required),
you may qualify for the Intermediary Relending Program (IRP).
Rural Business Enterprise Grant (RBEG) Revolving Loan
Fund Program
If you own a business in a rural area or community of
Southwest Kansas and you need a maximum of $150,000 in funds, you
may qualify for the Rural Business Enterprise Grant (RBEG) Program.
Rural Business Development Tax Credit (RBDTC) Program Revolving Loan Fund
GPDI is currently in the process
of accumulating funds for this revolving loan program. The source of
funds for this program will be contributions from Kansas businesses
and/or individuals who will in turn receive a Kansas state tax
credit equal to 75%
of the amount contributed.
Once the program is
funded, the funds may be used for job creation and retention,
business support services, regional leadership development, and
technology improvements. Check back often for progress updates on
this program.
For details on making a
contribution to this fund and receiving the tax credit, click
here.
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Other Loan Programs
In addition to the above loan programs,
GPDI also administers loan programs for the following cities,
counties, and entities. All of the following funds are available
when bank financing is not available to fund any or only a portion
of the requested loan.
Various eligibility requirements apply
depending on the program. The following highlights the most
important program eligibility requirements.
Contact
a GPDI representative for more information on any of these programs.
To begin the process, download the GPDI
loan application
here.
CDBG Revolving Loan Funds
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Available in Barton and Finney
counties and the cities of Great Bend, Dodge City, Garden City and
Spearville. Each entity sets loan terms and rates and has
final loan approval.
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Loan term cannot exceed 10 years.
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Low-to-moderate income requirements
must be met.
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Jobs must be created or retained by
the project.
-
Maximum loan amount is determined by
number of jobs created or retained as follows:
$35,000/Job: Barton County and
cities of Great Bend, Dodge City and Spearville.
$25,000/Job: Finney County and
City of Garden City.
-
Origination fee of 1% of loan
amount or $500.00, whichever is greater. -
Closing fee of $300.00.
-
Miscellaneous fees incurred in the process
of approval and closing (i.e. credit bureau inquiries, mortgage
filings, U.C.C. searches and filings, appraisals, title work,
etc.).
-
Limited to funds
available.
CDBG Micro Loan Revolving Loan Funds
-
Available in the following counties:
Barber, Comanche, Clark, Grant, Greeley, Hamilton, Hodgeman,
Meade, Morton, Ness, Pratt, Rush, Scott, Seward and Stanton. Each
county sets loan terms and rates and has final loan
approval.
-
Loan term cannot exceed 10 years.
-
Low-to-moderate income requirements
must be met.
-
Only available to businesses with 5
or fewer full time equivalent employees.
-
Maximum loan amount varies by county
as follows:
$15,000 Maximum: Barber,
Hodgeman, Meade, Morton and Pratt.
$25,000 Maximum (Requires 50%
match on loans over $15,000): Comanche, Clark, Grant, Greeley,
Hamilton, Ness, Rush, Scott, Seward and Stanton.
- Origination fee varies with size of loan.
-
Closing fee of $300.00.
- Miscellaneous fees incurred in the process
of approval and closing (i.e. credit bureau inquiries, mortgage
filings, U.C.C. searches and filings, appraisals, title work,
etc.)
- Limited to funds
available
Rural Business Enterprise Grant
(RBEG) Revolving Loan Funds
-
Available through City of Jetmore and
Meade County Economic Development Committee, Inc. Grantee sets
loan terms and rates and has final loan approval.
-
Loan term cannot exceed 10 years.
- Origination fee varies with size of loan.
-
Closing fee of $300.00.
- Miscellaneous fees incurred in the process
of approval and closing (i.e. credit bureau inquiries, mortgage
filings, U.C.C. searches and filings, appraisals, title work,
etc.)
-
Limited to funds available.
Investment Agencies
-
Available through Garden City
Area Industrial Development, Inc. and START-Inc., Garden City. Grantee sets loan terms and rates and
has final loan approval.
-
Loan term cannot exceed 10 years.
- Origination fee of 1% of loan
amount or $500.00, whichever is greater.
-
Closing fee of $300.00.
- Miscellaneous fees incurred in the process
of approval and closing (i.e. credit bureau inquiries, mortgage
filings, U.C.C. searches and filings, appraisals, title work,
etc.)
-
Limited to funds available.
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