Small businesses engaged in the manufacturing, agribusiness or service and technology fields often need to update or purchase equipment to remain competitive in today’s marketplace, but often securing those funds through traditional lenders can prove difficult for a variety of reasons. The Kentucky Economic Development Finance Authority (KEDFA) under the direction of the Cabinet for Economic Development and the Office of Entrepreneurship can offer fixed rate loans for projects like these.
- Business must have 50 or fewer employees
- Business must be engaged in manufacturing, agribusiness or services and technology
- One new fulltime job must be created by the business within one year of the loan closing
- Minimum loan is $15,000 and maximum is $100,000
- The loan can be used for up to 100 percent of the project costs or be used in conjunction with other lenders
- Loan terms are 3 – 10 year depending on the project
Contact the Cabinet for Economic Development at (800) 626-2930 to discuss eligibility.
KEDFA Small Business Loan Quick Fact Sheet