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Grow Wabash County Revolving Loan Fund
In response to the ongoing COVID-19 outbreak and its impact on local businesses, Grow Wabash County is activating its Revolving Loan Fund to help our local business community survive the challenges brought on by these unprecedented situations. This program was seeded in the early 2000’s with funds from the USDA Rural Development and has funded numerous projects in Wabash County for almost 20 years.
Rapid Response Loans
Grow Wabash County, in partnership with the City of Wabash, will be offering Rapid Response loans with the intention of expediting the review process for loan requests of up to $7,500. Loan requests for over $7,500 will be available as well but will be subject to additional terms and requirements through our traditional revolving loan fund program, including receiving a DUNS number.
Loan Terms
- 1% Interest Rate fixed
- Interest-only payments for six (6) months with no penalty for pre- payment
- Full repayment by the end of 24 months.
- 1% loan origination fee due at the closing of the loan.
How can a business utilize these funds?
To help offset financial hardships faced due to the COVID-19 crisis such as:
- Working capital needs
- Payroll expenses
- Preventing staffing reductions
- Other critical business expenditures.
Traditional Revolving Loan Fund Loans
Loan Terms
- WSJ Prime as of day of closing fixed rate (currently 3.25% as of 3/25/20);
- Interest and principal shall be collected for all of the term to maturity, though interest-only payments may be collected for up to six (6)
months if justified in the loan proposal; - Terms not to exceed five (5) years.
- Collateral required to secure the loan.
- 1% loan origination fee.
How can a business utilize these funds?
- The acquisition of land, buildings, equipment and other fixed assets;
- The construction, expansion or remodeling of buildings;
- Working capital needs;
- Buyouts by purchase of assets or stock;
- To help offset losses faced due to the COVID-19 crisis.
Eligibility
Businesses operating in Wabash County, current on all taxes, are credit-worthy may qualify for either loan.
How to Apply
Step 1: Complete the Application
Complete the Grow Wabash County Revolving Loan Fund Application. Applications will be accepted until Wednesday, April 15.
Step 2: Submit Required Documents
After submitting the application, you must complete, sign and submit the following documents for verify eligibility. Click on the hyperlinks to download the documents.
Completed forms can be emailed to info@growwabashcounty.com or mailed to Grow Wabash County at 214 South Wabash Street, Wabash, IN 46992.
- Affidavit Form for Grow Wabash County Loan Program - Confirms that at least 51% of the businesses' ownership resides in the United States.
- Credit Report Release Form - Grants Grow Wabash County permission to run both a personal and business credit check on your business and its owners to confirm they are in good standing.
- Additional Documents (optional) - Submit any documents (i.e. business plan) to accompany the application for review by the Grow Wabash County Loan committee.
Step 3: Grow Wabash County Loan Committee Review
The Grow Wabash County Loan committee will review each application and the accompanying documents before making its final determinations regarding loan awards, the preparation of loan agreements and documents, and the execution of those documents by all parties. *Due to limited funding available, we will select businesses that the committee feels will most benefit from this funding.
