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BCDA Business Loan (Gap Financing) Program

BCDA INC

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Funding Amount

Varies

Deadline

Rolling / Open

Grant Type

foundation

Overview

BCDA Business Loan (Gap Financing) Program

Program Type: Revolving loan fund providing gap financing

Geographic Scope: Boone County, Nebraska

Overview:
BCDA does NOT offer traditional business loans. This program is designed specifically as a gap financing program to help entrepreneurs secure business loans through a local lender by providing an additional asset to the bank. Gap financing covers gaps in time, funding, or negotiations.

Eligibility:

  • Any corporation, partnership, limited liability company, or sole proprietorship operating within Boone County

  • Must have a working relationship with a local financial institution

  • Startups and existing businesses eligible

    • Eligible Activities Include:

  • Purchase of real estate, options for such purchases, and renewal or extension of such options

  • Public works improvements essential to the location or expansion of a qualifying business

  • Expenses for locating a qualifying business into the area or relocating an existing business to a more suitable location

  • Loans to qualifying businesses

  • Loan guarantees to qualifying businesses

  • Provision of technical assistance such as:

    • - Marketing assistance
    - Management counseling
    - Business plan preparation
    - Engineering assistance

    Review Process:

  • Applications reviewed by BCDA loan committee composed of loan officers from each Boone County community

  • Committee makes recommendation to BCDA Executive Committee for approval

  • Executive Director notifies applicant and primary lender of approval/denial

    • Contact Information:

  • Boone County Development Agency (BCDA)

  • 233 South 4th Street, Albion, NE 68620

  • Phone: (402) 395-3356

  • Email: bcdaadmin@boone-county.org

    • How to Apply

    Application Process

    Steps to Apply:

    1. Initial Meeting
    - Contact BCDA office to schedule a meeting
    - Discuss your business idea
    - Walk through loan application process

    2. Complete Application
    - Fill out BCDA Inc. Loan Application form
    - Provide all supporting documents as listed in Application Information Checklist
    - Provide evidence of working relationship with a local financial institution

    3. Submission
    - Submit completed application and supporting documents to BCDA

    4. Review
    - Application goes to BCDA loan committee (loan officers from Boone County communities)
    - Committee reviews application and makes recommendation to BCDA Executive Committee
    - BCDA Executive Director approves or denies application

    5. Notification
    - BCDA notifies both applicant and primary lender of approval/denial

    Required Materials:

  • BCDA Inc. Loan Application form

  • Supporting documents per Application Information Checklist

  • Evidence of working relationship with local financial institution

    • Application Submission:

  • In-person at BCDA office or by mail

  • No online portal mentioned

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    Focus Areas & Funding Uses

    Fields of Work

    small-businessesstartupscommunity-development

    Categories

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