|Loans for short-term immediate operating expenses are available to small businesses in our region through the Northern Kentucky Area Development District.|
by Robin Gee
The Northern Kentucky Area Development District (NKADD) is offering a loan program for small businesses in Northern Kentucky that have been impacted by COVID-19.
The loans come from a $500,000 grant from the U.S. Economic Development Administration under the CARES Act to create a Revolving Loan Fund. The fund can be used to lend money to cover operating expenses in the short term such as payroll, rent, utilities, supplies or inventory and range from $5,000 to $50,000.
The loans must be paid back within five years with an optional six-month deferral from the date of closure. Interest for these loans is three percent. Interested businesses in the following counties can apply for the loan: Campbell, Carroll, Boone, Kenton, Gallatin, Grant, Owen and Pendleton counties.
For more info contact and to find out if your business is eligible contact Dominque Delucia at NKADD or apply at the NKADD website.