EDC Loan Corp Cares Act Fund
The EDC Loan Corp CARES Act Loan Fund will provide funding to help small businesses in the Kansas City area continue to finance operational expenses during this unprecedented period of economic stress due to the Covid-19 Pandemic. The Fund allows for low interest rate loans with extended amortization periods of up to 10 years. No minimum credit score and flexible collateral requirements.
For decades, EDC has assisted and supported small businesses in the community through the Economic Development Loan Corporation, Kansas City (EDCLC). The EDCLC has been awarded funding from the Economic Development Administration (EDA) in effort to further assist additional small businesses seeking financial relief from the adverse economic and market conditions created by the COVID-19 crisis.
Loan terms include:
- Up to 10-year terms
- Loan amounts up to $150,000
- Under 4% Interest Rate
- No minimum credit score is required
- No pre-payment penalties
- Flexible Collateral requirements
- Private, for profit businesses that are considered small as per the Small Business Administration guidelines
- Small businesses deemed “on-essential" and/or disproportionately impacted by the governments issued public health restrictions. These businesses are generally described as follows: retail, food service, entertainment, personal service, and hospitality, healthcare not directly involved in the COVID-19 response, transportation, and fitness industries
- Based and located in the Kansas City, Missouri area
- Borrower must demonstrate profitability, a positive tangible net worth and show repayment ability
- Be able to provide income verification (past 12 months of financial statements and past 2 years of personal/business tax returns)
- Business must be financially impacted by the COVID-19 Pandemic (documentation required)
- Home-based businesses are not eligible
- Not for political activities, private clubs, financing/ investment companies, or a business in which a state, local or federal elected official, or employee of City has ownership
- Applicants must provide detail of any Principals or Officers of the Business who have applied for a small business loan in the last 30 days
- Other criteria may apply
- Access the online application here.
- Paper Applications are available at EDCKC, 300 Wyandotte, KCMO, and 4th Floor these can be returned via the same location or scanned and emailed to LCCAF@edckc.com
- For program information questions, call (816-897-0208), or email (LCCAF@edckc.com)
- Applications will be approved for review by the EDC Loan Corporation of Kansas City