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Coffey County updates loan fund guidelines

Post Date:01/11/2018 2:25 PM

Coffey County Economic Development updates guidelines for revolving loan fund

Changes allow more businesses to apply for a loan. 

FOR IMMEDIATE RELEASE

BURLINGTON – Coffey County Economic Development has updated the guidelines for the Coffey County Revolving Loan Fund. These changes allow more businesses to access the loan fund for expansion, equipment needs, and training, among other things.

The former guidelines were outdated and were not in tune with ever-changing business needs. In researching other revolving loan programs in other counties and cities, Coffey County Economic Development Director Stacy Haines found that many were updating their programs to serve more as a gap financing option instead of the sole lender on the loan or as a last resort loan.

“Previously we required a turndown letter from a bank before they were eligible to apply,” said Haines. “That just didn’t make sense to me. Instead, we look at the county as a partner in the overall financing plan. We now require a primary lender and the county’s revolving loan fund serves to fill any gaps in financing.”

Besides the primary lender and the county, there are numerous regional and state resources, programs, and loans that can be utilized to complete a financing package for a business.

Previous guidelines also restricted any industry from applying that would or could compete with another industry located in the county. It also restricted any retail from applying as well. These restrictions have also been lifted. Additionally, new guidelines require collaboration with the Small Business Development Center (SBDC) in the creation of a business plan and financial documents.

To apply for funding, or to learn more, go to www.coffeycountyks.org or email Stacy Haines at shaines@coffeycountyks.org

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