Upon completion of the RLF Loan Application, please email Debra Davis at email@example.com.
EDC Loan Corporation (EDCLC) is a nonprofit corporation specializing in the origination and underwriting of Revolving Loan Funds. Its mission is to help small business grow and expand through our loan programs in an effort to attract, expand and retain jobs.
The new microloan program will offer funding can be used for a variety of business purposes such as working capital to purchase inventory or supplies, cover payroll, training employees and cover seasonal expenses. Preference will be made to businesses that are minority or woman owned or operating in financially distressed communities.
The program will allow for loans up to $15,000 at a straight 3.5% – 5.00% based interest rate. Loan repayment terms will be flexible and specific to each loan.
Revolving Loan Fund
The Revolving Loan Fund (RLF) assists small businesses with expansions to create and/or retain jobs in Kansas City, Missouri when conventional bank financing is not possible.
Banks typically have the first security interest and offer only 50 percent of the total financing for a project. Using a RLF allows a small business to proceed with an expansion that otherwise may not occur.
Funds for this program are provided by the U.S. Economic Development Administration.
Projects eligible for financing:
- For-profit business
- Not-for-debt refinance
- Located within the city limits of Kansas City, Missouri
- In business for at least 2 years
A project may not be eligible for financing if credit is otherwise available on terms and conditions that would allow the project to proceed.
EDC Loan Corporation Board Members:
- Terry Riley, Chair
- Jill Hathaway
- Marquita Miller
- Ajamu Webster, Secretary
- Tammy Queen