The NKADD Revolving Loan Fund (RLF) is now offering COVID-19 Relief Loans to small businesses that have been economically impacted by the current state of emergency. Applications will be accepted until June 30, 2020.
Use of Funds: Loans may be used for meeting short term working capital needs such as payroll, rent, utilities, supplies, inventory management, and/or payments to suppliers.
* Existing business that is legally registered in the Commonwealth of Kentucky and be located within Boone, Kenton, Campbell, Carroll, Pendleton, Grant, Owen, or Gallatin County.
* Business must have been impacted by mandated closures due to COVID-19.
* Business must be in the industrial, commercial, or service sectors.
* The applicant must submit a completed application with supplemental documents.
* Amount: $10,000 to $30,000
* Maximum Terms: up to 36 months with 6 month deferral from date of loan closure. Interest will be accrued during deferral period
* Interest Rate: 3%
* Collateral: personal guarantee of borrower