EDC Loan Corporation of Kansas City

About

EDC Loan Corporation Programs include:

Microloan Program

The new microloan program will offer funding that can be used for a variety of business purposes, such as working capital to purchase inventory or supplies, cover payroll, train employees and pay for seasonal expenses. Preference will be made to businesses that are minority- or woman-owned or operating in financially distressed communities.

The program will allow for loans up to $15,000 at a straight 3.5%- to 5%-based interest rate. Loan repayment terms will be flexible and specific to each loan.

Learn more here.

Revolving Loan Fund

The Revolving Loan Fund assists small businesses with expansions to create and/or retain jobs in Kansas City, Missouri, when conventional bank financing is not possible.

Banks typically have the first security interest and offer only 50% of the total financing for a project. Using a revolving loan fund allows a small business to proceed with an expansion that otherwise may not occur.

Funds for this program are provided by the U.S. Economic Development Administration.

Projects eligible for financing:

• For-profit business
• Not-for-debt refinance
• Located within the city limits of Kansas City, Missouri
• In business for at least two years

A project may not be eligible for financing if credit is otherwise available on terms and conditions that would allow the project to proceed.