The Southeast Kansas Regional Planning Commission received $520,000.00 to lend through a revolving loan fund from the CARES Act as a response to businesses during the Pandemic.
Throughout the month of December the SEKRPC closed their first two loans for the program. The first loan was made to a business in Fredonia, and the second loan was made to a Chanute Business.
The Fredonia business was granted a loan in the amount of Seventy Five Thousand Dollars at 0% interest for the life of the loan, to be used as working capital and towards the repair of a piece of machinery. The loan was approved by SEKRPC’s RLF Committee on December 1st and approved by the SEKRPC Executive Board on December 3rd. The SEKRPC closed the loan with the business on December 23rd.
The second loan to the Chanute business was made in the amount of Sixty Thousand Dollars at 0% interest for the life of the loan, to be used for the purpose of the purchase of real estate.
The CARES Act RLF has a total of Three Hundred Eighty Five Thousand Dollars remaining to lend out. The CARES Act RLF funds are available at as low as 0% interest, applicants do not need to have a denial letter from a banking center, and funds can be used for working capital, machinery and equipment, or the purchase and/or improvement of real land or estate. The goal of the CARES Act funds are to help businesses who have seen an impact on their business operations, either negative or positive, from the pandemic.
If you are interested in more information on the SEKRPC CARES Act Revolving Loan Fund or would like an application, please visit our website at www.sekrpc.org, or Contact Taylor Hogue at taylor@sekrpc.org or (620) 431-0080.
