WCNDD offers direct financing to:
1) Small business micro enterprises with total financing need of less than $105,000 of which WCNDD can provide loans up to$35,000and with maturities up to 6 years.
2) Larger financed businesses with longer maturities typically up to 10 years. All businesses served must be located within the 18 county district.
All completed loan applications are submitted to WCNDD’s Revolving Loan Fund (RLF) Committee for credit approval. WCNDD’s RLFC committee is comprised of WCNDD Board members from the 18 county district. All loan funding, servicing and technical assistance is provided by WCNDD.
WCNDD encourages other bank loan participation, but does not require it. WCNDD’s loan and other servicing fees are very reasonable. WCNDD loan fees are $20 for application fees, plus actual closing costs charged for lien recording.
For small business micro enterprise loans, WCNDD charges a maximum of $100 per year of loan maturity in servicing fees. For example, a 6-year small business micro enterprise loan would be charged a maximum of $600 in loan servicing fees for all servicing provided over the life of the loan. If loans are paid off prior to maturity, total loan servicing charges are prorated to micro enterprise borrowers.
Interest rates may change and are established by the Board of Directors of WCNDD.
Current rates include a 9.5% fixed rate on small business micro enterprise loans up to 6 years in maturity; and a 7% fixed rate for other longer term business loans with maturities typically up to 10 years.
WCNDD’s loan programs are offered to prospective and existing business loan clients in an 18 county district which includes the following counties;
Arthur, Chase, Dawson, Dundy, Frontier, Furnas, Gosper, Grant, Hayes, Hitchcock, Hooker, Keith, Lincoln, Logan, McPherson, Perkins, Red Willow and Thomas.
For complete loan program criteria, contact WCNDD.
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