GAP Financing at Reasonable Rates
The Barren River Area Development Distrist’s Revolving Loan Fund is designed to assist small businesses in start-ups or expansions.
Terms & Rates
Repayment terms will be based upon the size, maturity and purpose of each project, and the terms and conditions of other participating lenders.
The rate is set at the date of the closing and will generally not be more than 4% below the prime rate. The minimum rate that can be charged is 4%.
Contact Emily Hathcock with BRADD to schedule a consultation for your loan request. BRADD staff will assist with your application preparation, and guide you through the entire process.
Once an application is submitted it will be reviewed by staff to determine the need for additional information and prepare a loan analysis for the RLF committee. The RLF committee will then review the request and make a recommendation on funding to the BRADD Executive Council.
The BRADD Executive Council, which generally meets on the fourth Monday of each month, will make the final approval decision. RLF loans will not be closed and moneys will not be disbursed until the project is complete. A bridge loan will be required in most cases.