The Buffalo Trace Area Development District will offer a CARES RLF Program, a COVID-19 disaster relief loan program, to assist businesses that have been impacted economically by the COVID-19 pandemic.
Buffalo Trace ADD was awarded $1.95 million from the Economic Development Administration to prevent, prepare for, and respond to the Coronavirus or respond to economic injury because of the Coronavirus. These loans, ranging from $5,000 to $200,000, can be used for expansion or revitalization of an existing business, as well as, meeting short term working capital needs such as payroll, fixed asset debt, rent, utilities, supplies, inventory management, payment to suppliers, etc.
Businesses must be located within one of the BTADD counties of Bracken, Fleming, Lewis, Mason, or Robertson to be eligible to apply for this loan program. Working capital loans will range between three- to five-year terms while an expansion or revitalization loan will not exceed a 10-year term but may vary on a case-by-case basis.
The BTADD CARES RLF Program will offer a 1 percent flat fixed interest rate on all approved loan requests. The business must provide any available collateral and show an ability to repay the loan. However, a business does not have to provide evidence that credit is not available from another lending institution. Possible 100 percent financing is available.
Priority will be given to projects that show the greatest impact on employment and should be in the industrial, commercial, agricultural, or service sector. Any businesses that have received a loan through the SBA Paycheck Protection Program, or the Economic Injury Disaster Loan are not eligible to apply for this program, if applying for the same loan purpose.
To request an application packet, please contact Katrina Hartley, BTADD Loan Officer, at 606-564-6894 or [email protected]. Completed application packets should be emailed or mailed directly to Hartley.
