Low-Interest Loans for Start-up Projects, Job Creation
Heartland Micro-Enterprise Loans are made
to businesses
located or locating in the
Heartland Regional
Micro-Enterprise Park
in Greensburg,
Kentucky
Program Description
The purpose of the Heartland
Micro-Enterprise Loan Fund is to
enhance job creation and stimulate
private investment in Greensburg,
Kentucky. Loans are available to
businesses located or locating in
Greensburg’s Heartland Regional
Micro-Enterprise Park to finance
equipment or working capital
needs.
Project Financing
The maximum loan amount is 50%
of the total project cost or
$25,000, whichever is less. The
minimum loan size is $5,000. A
minimum of 5% owners’ cash
equity must be provided toward
eligible project costs. Completed
applications are reviewed and
considered on a first-come, firstserved
basis with financing approval
subject to bank approval
and the availability of funds.
Eligible Projects
Applications must first be made
through a local bank in the
Greensburg area and will be evaluated
based on a project’s financial
viability, its local economic impact
and the amount of private investment
leveraged. Heartland Micro-
Enterprise Loan Fund proceeds
may be used to finance equipment
purchases, working capital needs,
and/or start-up costs associated
with the location or expansion of
operations in the Heartland Regional
Micro-Enterprise Park.
Term of Loan
The term of the loan will be matched
with the local bank term. Maximum
term will not exceed 5 years.
Interest Rate
All loans will have a 5% interest rate
fixed for the life of the loan.
Collateral
All loans will be secured by equipment,
accounts receivable, inventory
or personal assets. All loans require
the personal guarantees of the
company’s owners.
Fees
The borrower will be responsible for
paying all costs associated with
obtaining and closing the loan, i.e.
appraisals, legal fees, insurance, credit
analysis, filing fees, etc. These fees
are due upon closing the loan.
Service Area
The Heartland Micro-Enterprise Loan
Fund is available to businesses
located or locating in the Heartland
Regional Micro-Enterprise Park.
For More Information Contact:
Southern Kentucky
Economic Development Corp.
Mike Bush,
Business Development Specialist
2292 South Highway 27,
Suite 340
Somerset, Kentucky 42501
Phone: (606) 677-6100
Fax: (606) 677-6010
Email: mbush@centertech.com |
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Access more information at www.southernkentucky.com
All of the Southern Kentucky Economic Development Corporation’s programs and services are provided to the public on a nondiscriminatory basis. |
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Heartland Regional Micro-Enterprise
Park, above, was donated to the City
of Greensburg in 2003 by Kimball
International. Businesses located or
locating in this building are eligible to
apply for a Heartland Micro-Enterprise
loan. |
