Focusing on improved job opportunities within their eight-county service district, which includes Harlan County, Leslie Gill, revolving loan fund manager with the Cumberland Valley Area Development District, told members of the Harlan Chamber of Commerce direct loans may now be made to private for-profit firms in the area.
Gill said a Revolving Loan Fund has now been established through grants received from the Economic Development Administration and Appalachian Regional Commission.
“The minimum revolving loan is $10,000 and the maximum is $200,000,” said Gill. “All loans are subject to the availability of funds and projects must create new jobs for area residents.”
Gill said loans may be made for activities such as acquisition of land and/or site preparation, building construction, acquisition, demolition or rehabilitation, renovation or addition to existing facility, leasehold improvements, purchase of equipment, machinery or fixtures, working capital and other activities, which promote industrial or commercial enterprise development.
“A lot of what we see is a business might be just starting and they have all the financing they need through the bank, but they may need a piece of equipment,” said Gill. “This is where we come in. The Revolving Loan Fund serves to bridge financing gaps.”
Gill finished by saying Revolving Loan Fund loans will be made for the purpose of “promoting, stimulating, developing and advancing business prosperity and welfare.”
For more information and applications, you may contact Gill at 606-864-7391 or email at lgill@cvadd.org.
Reach Nola Sizemore at 606-573-4510, ext. 115, nsizemore@civitasmedia.com
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