Business Expansion Financing

After receiving technical assistance from our business consultants, clients may be able secure a loan up to $3,000,000 which can be used for expansion of facilities, new construction, land (with or without existing buildings), leasehold improvements, machinery/equipment, and some furniture and fixtures. (Note: This not an entry level program. To review 504 program details please click here now)

Community development financial institutions (CDFI's) and their local partners can take advantage of a new private capital source designed to spur economic development in low-income communities—the New Markets Tax Credit (NMTC) program.

Signed into law as part of the Community Renewal Tax Relief Act of 2000, the New Markets Tax Credit is designed to stimulate $15 billion in private equity investment in under-served communities. Policymakers believe this investment will create new jobs, spur increased economic activity through business development, and promote community revitalization.

The definition of IRP is Intermediary Relending Program. The purpose of the IRP program is to alleviate poverty and increase economic activity and employment in rural communities. Under the IRP program, loans are provided to local organizations such as CVC for the establishment of a revolving loan fund. The loan funds are used to assist with financing business and economic development activity to create or retain jobs in disadvantaged and remote communities throughout Kentucky.

The loans to a business may be used for the acquisition of real estate, purchase of equipment, renovation to real estate, and the purchase of rolling stock. These loans carry a low interest rate and are usually below Bank interest rates. The loans have a repayment term of up to 10 years. Loan amounts range from $35,000 to $150,000. for designated counties throughout KY.