Midwest Partnership’s revolving loan may be a newer financial tool that businesses can use, but they are definitely ready to help out those that need it.
Executive Director Brenda Dudley says that the loan came about in the last year, and has received a little fine tuning, but that it is available for both new and existing businesses. She tells Raccoon Valley Radio about the application process.
“If they’re a new business under a year old, we need a business plan from them. And then (for any business) we would have a loan agreement that they would sign, a promissory note that they would sign.”
Dudley mentions that the application would first need to come to their committee for the loan, along with the $50 application fee. She adds that if the application would be approved, the final step would be to set up the Automated Clearing House for the loan payment to go through.
