Ripley County Revolving Loan Program
The purpose of the Revolving Loan Program is to provide loans to assist small and emerging businesses within Ripley County.
The funding is provided through the United States Department of Rural Development.
A loan can be made to a new or existing business located in Ripley County. 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% of the outstanding interest in the applicant 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. Test.
The minimum loan amount is $2,000.
$10,000 per job retained or created.
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.
The project/business to be assisted must be physically located within Ripley County.
Acquisition and development of land, easements, and rights-of-way.
Construction, conversion, enlargement, repairs or modernization of buildings (including facade repairs), plants, machinery, equipment, access streets and roads, parking areas, utilities, and abatement facilities.
Startup operating cost and working capital.
Technical assistance for private business enterprises.
Funds will not be used to produce agriculture products through growing, cultivation, and harvesting either directly or through horizontally integrated livestock operations except for commercial nurseries, timber operations, or limited agricultural production related to technical assistance projects.
Funds will not be used to finance comprehensive area-wide planning.
Funds will not be used to fund a part of a project which is dependent on other funding unless there is a firm commitment of the other funding to ensure completion of the project.
Interest rates will be based on job creation or retention. Repayments will be made monthly.
Fee will cover the legal fee for filing a lien. (Approx. $200.00 – $250.00)
Ripley County EDC Revolving Loan Program
Please fill out the application below. We will review it and contact you in a few days.
Please note that at the end of this form you will be requested to attach the following information in order to complete the loan application:
– 2 years of tax returns
– Business Plan
– Financial Statement for previous year.
– Verification of use of funds (copy of new contract, estimate for new equipment, repairs, etc.).
You may choose to:
1 – Email your application to email@example.com or
2 – Mail your application to PO Box 576, Versailles, IN 47042.
We Will Work With You On Any
Relocation Or Expansion Project
The RCEDC has a full-time economic development director on staff that will work with you on any expansion and/or relocation project and will also keep any information in the strictness of confidence.
Get in touch today.
220 E. US 50
PO Box 576
Versailles, IN 47042