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

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