Through our partnership with Community Ventures Corporation, businesses and banks in our region have the opportunity to take advantage of the 504 loan program.
This SBA-backed loan lets banks loan 50% of a project, CVC will loan 40% at fixed rates (usually below market), and the owner injects 10%.
While the traditional cap on the CVC portion is 40% or $1.5 million for some projects (like manufacturing) the cap increases substantially. Also, for the remainder of the year the Federal stimulus bill eliminates all fees!
For more information, check out www.504kentucky.com.
NWKF operates (through our great partnership with Community Ventures Corporation) the Northwest Kentucky Microentreprise Fund. Entrepreneurs and small businesses can access micro loans ($35,000 or less) to help start or expand a small business.
These funds are not meant to compete with banks but to supplement entrepreneurs who have a great idea but are not ready for bank financing.
Last year, CVC (which just serves Kentucky) made nearly 20% of the SBA-funded Microentreprise loans in the nation with the number of loans made in Henderson only trailing those made in Louisville and Lexington!
In the first quarter of 2009, NWKF’s entrepreneurship program has been extremely busy! In the first quarter alone, the program has
- met with more than 35 new clients,
- approved 3 Jump Start Loans,
- approved 5 Northwest Kentucky Microloans,
- has 4 more microloans pending, and
- has 5 more loan applications pending.
The goal of NWKF’s Business Development program is to help would-be entrepreneurs create new businesses and assist existing small business owners grow and expand.
The program provides free counseling assistance and provides access to several loan programs.
