The SEKRPC has been awarded $520,000.00 from the EDA to distribute through a revolving loan fund to help with post pandemic recovery efforts. The goal of the CARES Act RLF is to help alleviate sudden and severe economic dislocation caused by the Coronavirus (COVID-19) pandemic, to provide permanent resources to support economic resiliency, and to further the ling term economic adjustment objectives of the region served by the SEKRPC. The CARES Act RLF funds can be used to assist businesses within the region by providing funding for working capital needs which may include, but not limited to, items such as payroll, inventory, supplies and equipment. The CARES Act RLF loans will have a maximum loan amount of 25% of the loan fund balance with requests exceeding that amount considered on a case by case basis. The loans may be offered at as low as 0% interest rate for the life of the loan and no denial letter from an area banking institution is needed to obtain the funds. The repayment of the CARES Act RLF funds will also be considered on a case by case basis with the option of deferment of principal available if the businesses cash flow shows the need. The repayment terms will be three to five years for working capital loans, and five to seven years for equipment loans. Loans that are for the purchase of real property and offer a first mortgage position may be made for a longer term and in terms of special cases, shorter term loans will be encouraged. Contact Jonni at the SEKRPC by phone or email her at jonni@sekrpc.org for more information about the CARES Act RLF funds or to submit an application.
