Kennedy EDA

Kennedy's Economic Development Authority (the Kennedy EDA) has a revolving loan fund in place to assist businesses in start-up or expansion, and for projects that will create new jobs or retain existing jobs in the community. The revolving loan fund has been established to promote an improved business climate by providing lower interest rates and long-term gap financing. Any for-profit, private sector business or industry, located or to be located in or around Kennedy is eligible to apply for funding.

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Guidelines

• The loan amount funded is typically not more than one-half of the total project amount.

• Refinancing is not normally an eligible funding activity.

• Borrower equity contribution equal to at least 10% of total project cost is typically required.

• Applicants will normally be required to provide collateral to secure each loan.

• The interest rate is based on the loan security provided.

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Priorities

• Projects that do not directly compete with existing business or industry in Kennedy.

• Projects that create one job per $10,000 in funding.

• Projects that make jobs available to low and moderate income persons.

• Projects with higher rates of Borrower equity contribution.

• Projects that will create an increase in the local tax base.

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Getting Started

• Kennedy EDA Revolving Loan Fund Program Guide

• Kennedy EDA Revolving Loan Fund Program Application

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For more information on Kennedy's EDA revolving loan fund, please contact the City office at 218-674-4142.

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The City of Kennedy is an Equal Opportunity Employer and Provider.

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