Rooks County CDBG Revolving Loan – Business Stimulus Criteria
Kansas Department of Commerce CDBG Program is encouraging immediate use of our Revolving Loan Fund monies to support the working capital needs of businesses in Rooks County.
* Loans must be used for working capital. This is defined as staff salaries and wages, purchase of inventory, utilities, rent, insurance payments, etc.
* Business must have at least one full-time equivalent Low/Moderate income employee. Owners are not counted as employees. Part-time employees can add up to this full-time equivalent.
* Loans are to stimulate JOB RETENTION, not new hires. State LMI Job Certification forms are required on all retained employees. Make copies as needed.
* A letter from the company/business must be attached attesting that the company is either shut down or will be shut down due to COVID-19.
* No collateral necessary; no matching funds necessary.
* Loan terms are up to 3 years repayment, 0% interest, with no principal payments for 1st 4 months.
* Proof of payment by copies of invoices, receipts, payroll must be supplied. No old outstanding debts qualify.
* Business cannot have outstanding State or County tax obligations.
* Fund availability begins March 30, 2020. Awards will be made by check from the Rooks County Commissioners. $3,000 per business limit at this time.
Click here to access the COVID-19 CDBG Loan Page