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Burlington Kansas CDBG Revolving Loan

Business Stimulus Criteria And Application

Burlington Kansas CDBG Revolving Loan

Business Stimulus Criteria

 

Kansas Department of Commerce CDBG Program is encouraging immediate use of our Revolving Loan Fund monies to support the working capital needs of businesses in Burlington Kansas.

 

Application Documents available online at www. burlingtonkansas.gov or call (620) 364-5334.  Please return completed documents to City Hall 1013  N. 4th. St. (outside drop box) or mail to City Hall P.O. Box 207, Burlington.

 

Terms & Criteria:

1. Loans must be used for working capital. This is defined as staff salaries and wages, purchase of inventory, utilities, rent, insurance payments, etc.
2. Business must have at least one full time equivalent Low/Moderate income employee. Owners are not counted as employees.  Part-time employees can add up to this full time equivalent.
3. Loans are to stimulate JOB RETENTION, not new hires. State LMI Job Certification forms are required on all retained employees must prove 51% of the persons impacted are LMI at retention.  Make copies as needed.
4. A letter from the company/business must be attached attesting that the company is either shut down or will be shut down due to COVID-19.
5. No collateral necessary; no matching funds necessary.
6. Loan terms are up to 3 years repayment, 0% interest, with no principal payments for the first 6 months, then quarterly payments .
7. Proof of payment by copies of invoices, receipts, payroll must be supplied. No old outstanding debts qualify.
8. Business cannot have outstanding State or County tax obligations.

Fund availability begins April 17, 2020.  Awards will be made by check from the City of Burlington.  $10,000.00 per business limit at this time.

 

Click link below for application.

doc03263320200416141622

 

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If you are sending mail to City Hall make sure and use the address of P.O. Box 207, we do not receive mail at 1013 N. 4th St.