My name is Kelsey Doom, and I am your new director of economic development. I have been asked to write a column to update my community on the plans an...
Meet the New Director of Economic Development!
June 9, 2014
Revolving Loan Fund Available to Local Businesses
September 22, 2014
Did you know your local development corporation has over $100,000 available to loan out to our area’s entrepreneurs? Wagner Area Growth, Inc. has successfully obtained funds from sources such as the Governor’s Office of Economic Development and USDA Rural Development in order to assist the growth and development of business and industry within southern Charles Mix County. Whether you need $700 or $70,000, the funds exist for Southern Charles Mix’s entrepreneurs.
These funds, known as our Revolving Loan Fund (RLF) work to support a number of objectives. The funds are available to provide capital for expansion, to create job opportunities and additional income for local residents, to reduce private lenders risk on business loans, and to leverage other private and public funds for business and industrial development projects.
While our local banks are more than supportive of local business ventures, limited dollars force local banks to target business loans that involve minimum risk and exposure. The RLF works as primary or gap financing for those whose endeavors might be riskier than most.
Another hurdle entrepreneurs can face is interest rate. While interest rates have come down significantly the past thirty years, the cost of money is simply too much for local entrepreneurs to make a reasonable profit. Our revolving loan fund offers monies with an interest rate of 1% below the prime rate.
In order to obtain funds from our RLF, one goes through the same process a bank requires—an application and business plan are required. As economic development coordinator, it is my job to guide entrepreneurs through this process. With the help of the Small Business Development Center and District III, the process to write a thorough business plan is simplified.
My hope is to help any and all entrepreneurs of southern Charles Mix County retain, expand, or start a business to earn them a comfortable living. Whether that be through monetary assistance (revolving loan fund), technical assistance (writing a business plan and budget), or social assistance (networking events), I am here. Use my services as much as you can. Don’t be afraid to pick up the phone or stop by to chat about your endeavors. I am all ears!