Archives for December 2015

Hutchinson EDA Revamps Industrial Loan Program

In an effort to make the program more attractive and user friendly the Board of Directors of the Hutchinson Economic Development Authority has enacted a number of changes to their industrial revolving loan fund program. Key changes include:

  1. The lending limit has been raised to $500,000.
  2. Loans can be amortized for up to 20 years, with a 10-year balloon. (most equipment loans would still be 5-7 years)
  3. The interest rate has been reduced to Prime minus 1%, fixed at the time of closing.
  4. There is no formal application; the EDA will just get a copy of all materials the applicant provides to the bank.

Because the EDA is a “gap” funder, all projects that the EDA participates in must have a participating bank as the lead lender.
For additional information, contact Hutchinson’s EDA Director, Miles Seppelt, at (320) 234-4223.