The purpose of this program is to assist businesses and industries to maintain or expand employment opportunities in Logan County. Loan funds may be used for equipment, construction, working capital, purchase and development of facilities and leasehold improvements.

The original USDA loan fund has been fully loaned out and has revolved several times since 1994. Due to the success of this program, we have secured additional funding from USDA, and since the inception of LCEDC have helped 86 Logan County businesses with loans for expansions and equipment. Approximately 1,200 jobs have been created and or saved by business loans.

LCEDC has been a catalyst for growth in the region with funding provided for new business startups, business expansions and business retention. Many times LCEDC partners with local financial institutions to provide matching funds, and/or with state or federal programs to complete funding structures for local projects.

Business Loan Highlights

• Maximum loan amount of $150,000, or 75% of the total cost of the ultimate project up to $250,000.

• Owner’s equity required (cash or in-kind) of 20% of the total project cost.

• How may funds be used?

  • To acquire, construct, convert, enlarge or repair a business or business facility, particularly when jobs will be created or retained.

  • To purchase or develop land (easements, rights of way, buildings, facilities, leases, materials).

  • To purchase equipment, machinery or supplies, or make leasehold improvements.

  • For start-up costs and working capital.

  • For pollution control and abatement.

  • For transportation services.

  • To cover feasibility studies and some fees.

  • Towards the building of hotels, motels, convention centers.

  • For educational institutions.

  • For aquaculture-based rural small business.

• What are the geographic eligibility restrictions for the funds?

  • Any area, including a city or town, that has a population of fewer than 50,000 residents.

  • The intermediary borrower’s headquarters may be based within a larger city so long as the project service area is located in an eligible rural area.

  • Click here to check your project’s location to verify eligibility.

  To begin the application process, please complete the contact form below. Thank you for your interest!