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Barren River Area Development District – COVID-19 Business Relief Working Capital Loan Program

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.

Link: https://www.bgdailynews.com/news/bradd-unveils-micro-loan-program-for-small-businesses/article_97c7df51-cb72-54a3-88fa-a266a1334682.html

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