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.

Loans RCED

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)

APPLICATION
Ripley County EDC Revolving Loan Program

ONLINE APPLICATION

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.).

PRINT-READY APPLICATION

Please download the print-ready Loan Application here.

You may choose to:

1 – Email your application to gnorman@ripleycountyedc.com or

2 – Mail your application to PO Box 576, Versailles, IN 47042.

ONLINE APPLICATION
Ripley County EDC Revolving Loan Program

Section I: BUSINESS INFORMATION

Home Address*

Home Phone*

Name of Business*

Business Address*

City*

Zip Code*

Business Phone*

Fax Number *

Business Email*

Briefly describe the business product or service*

Organization Type*

Federal ID#*

Date Business Established*

SECTION II: EMPLOYMENT INFORMATION

Number of Employees*

Avg. Hourly Rate*

Hours Per Week*

#Full Time*

#Part Time*

#Owner & Family

Total Number of Jobs That Will Be Created*

Total Number of Jobs That Will Be Retained*

@Hourly Rate*

Hours Per Week*

SECTION III: PROJECT INFORMATION

Total Project Cost*

Amount of Loan Requested*

Other Sources of Funding* (if applicable)

Repayment Term Requested in Months*

Project Description*

/ USE OF FUNDS /

1. EQUIPMENT
Description*
Loan funds*
Other funds*

2. FIXTURES
Description*
Loan funds*
Other funds*

3. ACQUISITION
Description*
Loan funds*
Other funds*

4. CONSTRUCTION
Description*
Loan funds*
Other funds*

5. INVENTORY
Description*
Loan funds*
Other funds*

6. OTHER
Description*
Loan funds*
Other funds*

TOTAL LOAN FUNDS*

TOTAL OTHER FUNDS*

Please Describe the Anticipated Sources of Payment*

Proposed Collateral*

What Measures Have You Taken To Obtain Traditional Financing?*

Contacts Made*

Please Provide 3 Credit References (Name, Address, Phone)*

SECTION V: OTHER FINANCIAL INFORMATION

Do you currently have any invoices more than 30 days past due?*

ITEMS NEEDED TO COMPLETE LOAN APPLICATION:

2 years of tax returns*
Year 1
Year 2

Business Plan*

Financial Statement for previous year*

Verification of use of funds* (copy of new contract, estimate for new equipment, repairs, etc.).

Ripley County Economic Development

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.

812-689-4344

220 E. US 50
PO Box 576
Versailles, IN 47042