Supporting Local Businesses: Marshall County Loan Fund Program
In these challenging times, supporting local businesses is more critical than ever. The Marshall County Loan Fund Program aims to do just that by providing financial assistance to small independent business start-ups and owners in Marshall County, Kansas. Here’s all you need to know about this initiative:
Eligibility Criteria
- Small independent business start-ups or owners in Marshall County, or those looking to relocate here, are eligible.
- Chain or franchise businesses are not eligible.
Goals of the Loan Program
- Help small businesses purchase, enhance, improve, expand, or cover start-up expenses.
- Reinvest income from interest, fees, and principal payments back into the revolving loan fund to continue supporting county businesses.
- Encourage new businesses to develop mentoring relationships with existing business owners for guidance and advice.
Uses of the Loan
- Tangible items include purchasing an ongoing business, real estate, or buildings, remodeling existing structures, buying or repairing business equipment and tools, or acquiring inventory.
- Not intended for business working capital, farming, housing, or apartment complexes.
Terms of the Loan
- Maximum loan amount: Up to $10,000.00 with a maximum two-year payback period.
- Interest rate: 0.00% for the first year; subsequently, interest accrues at a rate 1.0% above the U.S. Prime Rate with a minimum of 5.0%.
Application Process
- Applications are reviewed within 30 days of receipt.
- Available on the MCP4G website and the county website.
- Loans approved based on fund availability.
- A $50.00 application fee is required.
- The board reviews applications and makes final decisions.
- Applicant must be in good standing with current loans.
- Additional documentation like tax returns, financial statements, credit reports, and cost estimates are needed.
- Personal guarantees serve as collateral.
Contact Information
- For Applications: Submit to MCP4G, PO Box 61, Marysville, KS 66501 or email [email protected] for confirmation of receipt.
- Questions: Contact Jerry Zayas at 785-713-6269.
By availing of the Marshall County Loan Fund Program, businesses can receive the necessary financial support to thrive and contribute to the local economy. Apply today and take a step towards a brighter future for your business!
