Loans

NEW LOAN APPLICATION PORTAL: Give us a call at 620-227-6406 and you can fill out your loan application on-line!

SBA 504 Loans
This is one of the best loan programs that GPDI can assist with. This is an economic development loan program that provides small business concerns with a financing source of potentially 90% for the acquisition of fixed assets such as land, buildings, new construction, machinery and equipment.

Structure of loan :

  • 50% – Lending institution
  • 40% – SBA 504 (GPDI)
  • 10% – Borrower (new business provides 10-20%)

Advantages:

  • Low Down Payment
  • Long-term financing, either 10 or 20 years
  • Up to 90% financing
  • Fixed interest rate on 40% of the project
  • GPDI completes all SBA paperwork

Click here for more information on SBA 504

SBA 7(a) Loan
Need additional funding beyond fixed assets? The SBA 7(a) loan may be the program you need. SBA 7(a) is available for inventory, working capital, equipment, land, building and refinancing. Program requires direct participation from financial institution, guaranteed by SBA, 85% on loans up to $150,000 and 75% above that amount.

Advantages:

  • Maximum amount of guaranty: $1,500,000. 25-30% equity injection required (cash or assets of business). Interest rate variable, not exceeding 2.75% above prime rate if seven or more years.

Click here for more information on SBA7(a)

USDA Rural Development Business & Industry (B&I) Program
If your business is located in a rural area or city with less than 50,000 population and you plan to add jobs with your business expansion, the United States Department of Agriculture (USDA) B&I program may apply to your needs. GPDI can help determine if you are eligible for this program, work with prospective lenders and act as a liason to the USDA. GPDI can also assist in preparing applications.

Community Development Block Grant – Economic Development (CDBG-ED) Program
If you plan extensive development of a business including land, building, machines, equipment and much more, and you create jobs in the process, you may qualify for Community Development Block Grant (CDBG-ED) loan funds. GPDI can help determine if you are eligible for this program. Some requirements include:

  • Available for manufacturing or service businesses
  • CDBG is a loan to the business, not interest-free money
  • Project must create or retain low/moderate income jobs
  • Business must match grant. See GPDI for details.
  • GPDI will assist you to apply through city or county
  • Interest rate not less than 3% below prime rate, minimum 4%
  • Up to 18 months delay on principal payments
  • Loan repaid to city or county

In-House Revolving Loan Fund (RLF) Programs

Economic Development Administration (EDA) Revolving Loan Fund (RLF) Program
GPDI can help determine if this loan fund is available in your area and prepare your application. Funds may be used for working capital, inventory, equipment, machinery and other fixed assets. Business loans up to $150,000.

Rural Development Intermediary Relending Program (IRP)
GPDI can help determine if your rural area qualifies for IRP programs. If you own a business in a rural area or community of up to 25,000 population and you need a maximum of $150,000 in funds (minimum 25% match required), you may qualify for the Intermediary Relending Program (IRP).

Rural Business Enterprise Grant (RBEG) Revolving Loan Fund Program
If you own a business in a rural area or community of Southwest Kansas and you need a maximum of $150,000 in funds and gross sales of less than $1 million, you may qualify for the Rural Business Enterprise Grant (RBEG) Program. Administered through USDA, GPDI can determine if this program is available in your area.

Rural Business Development Tax Credit (RBDTC) Program Revolving Loan Fund
GPDI is constantly building funds for this revolving loan program. Using special Kansas Tax Credits, GPDI’s Board of Directors administers this fund. It is particularly useful in areas where other programs are not available.

Our GPDI Tax Credit funds may be used for job creation and retention, business support services, regional leadership development, and technology improvements.

Besides borrowing from this fund, you may want to learn how to help us build it by making a tax-deductible contribution. For more information, click here.

Other Loan Programs

In addition to the above loan programs, GPDI also administers loan programs for the following cities, counties, and entities. All of the following funds are available when bank financing is not available to fund any or only a portion of the requested loan.

Various eligibility requirements apply depending on the program. The following highlights the most important program eligibility requirements.

Contact a GPDI representative for more information on any of these programs.

To begin the process, download the GPDI loan application here.

E-Community and StartUp Kansas

An exciting new program available through GPDI from the Center for Entrepneurship/Network Kansas. Using a “network” of business-support partners and working through GPDI, Network Kansas offers E-Community loans in some of our areas and StartUp Kansas loans throughout our 28-county district.

  • Network Kansas offers E-Community tax-credit based programs that are utilized in six southwest Kansas areas: Great Bend, and the counties of Kiowa, Finney, Greeley, Ford and Scott. Administered by GPDI.
  • Network Kansas also offers StartUp Kansas, a program that offers funds for most business projects and requires local matching funds. Administered by GPDI.

CDBG Revolving Loan Funds

  • Available in Barton and Finney counties and the cities of Great Bend, Dodge City, Garden City and Spearville. Each entity sets loan terms and rates and has final loan approval.
  • Loan term cannot exceed 10 years.
  • Low-to-moderate income requirements must be met.
  • Jobs must be created or retained by the project.
  • GPDI can help you determine eligibility based on the number of jobs created.

CDBG Micro Loan Revolving Loan Funds

  • Available in the following counties: Barber, Comanche, Clark, Grant, Greeley, Hamilton, Hodgeman, Meade, Morton, Ness, Pratt, Rush, Scott, Seward and Stanton. Each county sets loan terms and rates and has final loan approval.
  • Loan term cannot exceed 10 years.
  • Low-to-moderate income requirements must be met.
  • Only available to businesses with 5 or fewer full time equivalent employees.

Investment Agencies

  • Available through Garden City Area Industrial Development, Inc. Grantee sets loan terms and rates and has final loan approval.
  • Loan term cannot exceed 10 years.