The Lincoln Trail Area Development District received a grant of $ 550,000 from the Economic Development Administration under the federal CARES Act Recovery Assistance program.
This revolving loan money will provide additional financing for small businesses and entrepreneurs affected by the coronavirus pandemic.
This money will help meet the short-term working capital needs of businesses and entrepreneurs in the Lincoln Trail area, which covers Breckinridge, Grayson, Hardin, LaRue, Marion, Meade, Nelson and Washington counties. Short-term working capital needs can be met through these loans, including payroll, rent, utilities, interest payments, supplies, inventory management and / or payment to vendors.
Loans range from $ 5,000 to $ 25,000.
“This pandemic has been difficult for all of us, including our local businesses,” said LTADD Executive Director Mike Burress. “We are grateful to work with partners like the Economic Development Administration to use these funds to help businesses in our region respond to and recover from the coronavirus pandemic.”
LTADD was one of 850 existing beneficiaries, EDA RLF, Economic Development District, University and Tribal Center invited to apply for additional funding under the Coronavirus Aid, Relief and Economic Security Act.