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Hutchinson office

530 E. 30th Ave

Hutchinson, KS 67502

Phone: 620-259-6544
Fax: 620-508-2042

Wichita office

9730 E. 50th Street N

Bel Aire, KS 67226

Phone: 316-262-7035
Fax: 316-262-7062

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NON-DISCRIMINATION STATEMENT

 

This institution is an equal opportunity provider and employer. If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form, found online at www.ascr.usda.gov/complaint_filing_cust.html, or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all of the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of Adjudication, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, by fax (202) 690-7442 or email at program.intake@usda.gov

© 2019  South Central Kansas Economic Development District SCKEDD

Camille's Story

SBA Microloan

Camille’s story is an example of the successful use of an SBA microloan used to finance her business through its next phase of growth. 

Camille had recently expanded her services and added another employee. She needed working capital and new hardware and equipment to get her data analytics company through its next phase of growth.

 

She was specifically looking for a lender that would require minimal capital from her so she could keep the cash flow she was already generating in her business. The loan would only need to be for a short term and could be paid back by two client projects that were already in process.

 

She approached her existing bank but was unfortunately short on collateral and fell just below the bank’s requirements. Her banker referred her to SCKEDD – a local non-profit lender – and asked them to look at the project. She worked with SCKEDD and was quickly approved for an SBA MicroLoan, designed to support female entrepreneurs like Camille. The loan allowed her to borrow working capital for her business expansion.

 

She continues to work with SCKEDD for operations advice for her growing business.

SBA Microloans

 

The SBA Microloan is designed to provide financing opportunities to business owners that often face greater challenges obtaining funding including women-owned businesses, low-income individuals, veterans, minority entrepreneurs, and small business owners.

The SBA Microloan can offer up to $50,000 for financing.

THE PROCESS for a SBA Microloan

 

  • Connect with a bank or local lender. Your lender may recommend that you connect with SCKEDD.

  • If your project is eligible, you submit a loan application, business plan, and financials so we may begin underwriting.

  • SCKEDD will close, fund your loan, and will service your loan for its lifetime.

  • You are eligible to attain free business-based technical assistance for the life of your loan.

  • SCKEDD business-based technical assistance is designed to fit your needs and may include marketing, general management, software training, accounting, as well as QuickBooksTM software training.

ELIGIBLE USES

 

Qualified borrowers can use SCKEDD Microloan to

  • Finance working capital

  • Purchase machinery or equipment, furniture, fixtures, inventory, vehicles, and make leasehold improvements

 

REQUIREMENTS FOR A MICROLOAN

 

What are the requirements for a Short-Term Microloan? You may qualify if you and your business meet the following criteria

  • The business is for-profit

  • The business is in our service area of 45 counties in southwest and south-central Kansas including Barber, Barton, Butler, Chase, Chautauqua, Clark, Comanche, Cowley, Edwards, Elk, Finney, Ford, Grant, Gray, Greeley, Greenwood, Hamilton, Harper, Harvey, Haskell, Hodgeman, Kearney, Kingman, Kiowa, Lane, Lyon, Marion, McPherson, Meade, Morton, Ness, Pawnee, Pratt, Reno, Rice, Rush, Saline, Scott, Sedgwick, Seward, Stafford, Stanton, Stevens, Sumner, Wichita

  • Individuals that own 20% or more of the company are willing to act as personal guarantors

RATES AND FEES

Interest rates

 

Rates are set for microloans and fall into one of two options.

  • 8.125% for loans of $10,000 or more

  • 8.5% for loans less than $10,000

 

Fees

 

  • Closing fee of 3% for loans with more than 1-year term; Closing fee of 2% if loan term is less than one year

  • Any direct or third-party closing costs associated with the loan

Terms

In addition to the following terms, an interest-only period is possible.

  • Maximum 6 years - most loans average 48-60 months.

  • Based on the use of funds

Interested in learning more?