KEDFA Small Business Loan Program

Fixed-rate KEDFA loans of $15,000–$100,000 for Kentucky small businesses (50 or fewer employees) in manufacturing, agribusiness, or service/technology to buy land, buildings, machinery and equipment or for working capital. One new full-time job must be created within a year of closing; rate tied to WSJ Prime plus a risk spread.

Business must have 50 or fewer employees; Business must be engaged in manufacturing, agribusiness or services and technology; One new fulltime job must be created by the business within one year of the loan closing.

3–10 years; fixed rate = WSJ Prime at closing + risk spread; up to 100% of project cost; $250 non-refundable application fee; 1.25% commitment fee; highest available lien position, personal guaranties may be required; cannot refinance existing bank debt.

Published amounts: Minimum loan is $15,000 and maximum is $100,000; The loan can be used for up to 100 percent of the project costs or be used in conjunction with other lenders; Loan terms are 3 – 10 year depending on the project.

Contact the Cabinet for Economic Development at (800) 626-2930 to discuss eligibility; application submitted to Cabinet staff for review, negotiation of terms and recommendation to KEDFA.

Deadline text on the page: Rolling; KEDFA reviews staff recommended loans and makes final decisions at its monthly meeting.