Agency / Department: Barren River Area Development District
Resource: COVID-19 Business Relief Working Capital Loan Program
Details: BRADD has allocated $100,000 in funding to be set aside for micro-loans ranging from $5,000 to $25,000 for meeting short-term working capital needs such as payroll, rent, utilities, supplies, inventory management and payments to suppliers. BRADD will use a portion of its federal EDA funds to offer the micro-loans at an interest rate of 2.44 percent, and businesses may have payments deferred for up to six months. The loans are to be repaid over 36 months.