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.