Second Phase Announced for Businesses Less than 2 Years Old
A second phase of the NCK Business Relief Loan Program is now available — this time for businesses less than two years old.
“This next phase was developed to help businesses that have not been eligible for some of the other COVID-19 economic relief programs that are available due to the start date of the business,” NCRPC Business Finance Director Debra Peters said.
The newest loan funding will assist start-up businesses in North Central Kansas adversely impacted by COVID-19. Businesses must be less than 2 years old and have started no later than August 1, 2020. Funding requests for the program are being accepted on qualified applications on a first come, first served basis until funds are exhausted or the program ends on December 31, 2021. All owners must have a credit score of 700 or greater prior to the pandemic.
The new program provides loans on favorable terms for response and recovery needs due to the COVID-19 crisis. For-profit businesses less than 2 years old in Clay, Cloud, Dickinson, Ellsworth, Jewell, Lincoln, Marshall, Mitchell, Ottawa, Republic, Saline, and Washington counties are eligible for the program. Loan funds may be used for operating capital/inventory and asset purchases needed to pivot operations/increase productivity.
Phase 1 of the NCK Business Relief Loan Program launched in November 2020. The NCRPC is administering the program. Phase 1 was made possible through funding from the U.S. Department of Commerce Economic Development Administration (EDA). Program demand was high and all funds were allocated by December 31, 2020.
Funding for the new phase was made possible through generous donations from area banks and the NCKCN-Four Rivers Business Loan Pool.
Visit the NCK Business Relief Loan Fund – Businesses Less than 2 Years Old page to learn more.
This article appeared in the March 2021 NCRPC Newsletter.
