Low interest small business loans are available through the city of Rushville and Rush County Economic and Community Development Corporation (ECDC).
The goal of the program is to help local businesses obtain capital in an effort to create or retain jobs in Rushville and Rush County (the ECDC has set aside money for business located in Rush County, but outside the city limits).
The purpose of the Small Business Loan Program is to provide loans and technical assistance to businesses located in the corporate limits of Rushville who are creating or retaining employment for persons or individuals within the community.
The decision to approve a loan will be based in large part on the ability of the business to demonstrate that a loan is necessary, that it will have a positive impact on employment, that the business can repay the loan, and that it has proof of sufficient collateral.
A loan can be made to a new or existing business located in the corporate boundaries of Rushville. Loans will be to applicants meeting the definition of “small and emerging private business enterprises” defined as “any private business that will employ 50 or fewer new employees and has less than $1 million in projected gross revenues.”
At least 51 percent of the outstanding interest in the applicant business must be owned by those who are either citizens of the United States or reside in the United States after being legally admitted for permanent residence.
The minimum loan amount is $5,000. The maximum loan amount is $30,000. Exceptions to this cap will be considered on a case by case basis by a loan committee.
Loan term will be based on the planned use of funds and the useful life of assets to be acquired, primarily the lesser of seven years or the life of the security.
Funds may be borrowed to finance working capital (inventory, receivables, operating capital) and equipment.
Interest rates will be between 1 to 4 percent, typically not to exceed prime rate.
Repayments will be made monthly.
Payment deferrals may be available for up to six months.
Call City Hall at 735-932-3735, Rush County Economic & Community Development Corporation at 765-938-3232 or Administrative Resources association (ARa) at 812-376-9949 for assistance, and to answer any questions you may have.
- Rushville Republican