5 and 10 Loan Program
The Economic Development Authority (EDA) of Floyd County has a low-interest loan program for small businesses in Floyd County.
The “5 and 10” loan program will provide low interest loans of $5,000 or $30,000 to qualified small businesses.
The purpose of the Small Business Loan Pool program is to provide low-interest, fixed-asset financing to existing or new small businesses that locate to or expand Floyd County and which result in the creation or retention of jobs. (Here, “small business” is defined as a business having 9 or fewer employees.)
The type of financing is fixed-asset financing. The annual interest rate will be 2% for a 5-year term and 4% for a 10-year term.
Funding for the “5 and 10” Small Business Loan Pool is provided by the United States Department of Agriculture’s Rural Business Enterprise program and the Economic Development Authority (EDA) of Floyd County.
Information required of Applicants
- Completed and signed application
– Loan Request Worksheet
– Personal Financial Statements
– Credit Authorization Form
– Balance Sheet, Profit & Loss Statement (AP & AR for current 90 day period)
– Copy of Most Recent Tax Return
– Disclosure Statement(s)
– Business Lease/Deed
- Current three-year business plan and management info (assistance available)
- Personal Credit Report (as appropriate)
- Three business references
- Copy of collateral offered & current market value (title, deed, security paper, etc)
- Statement indicating what the loan will be used for.
See attached document, “5 and 10″ Small Business Loan Pool Program Design” for additional information on the loan application process.
Please note that unfortunately farm businesses are not eligible for this program according to USDA rules, but the EDA is actively looking for funds to start a pool for farming.
USDA is an equal opportunity provider, employer and lender.
Are you eligible?
- Is your business located in Floyd County?
- Do you have 9 or fewer employees?
- Are you interested in creating or saving at least one job?
If you answered yes to all 3 of these questions then you are eligible for a “5 and 10” small business loan.
Please note that all businesses are eligible TO APPLY, but funds are limited and will be awarded based on qualifications.