$3,250,000 revolving loan fund to be utilized for business loans.
The purpose of this program is to assist businesses and industries to maintain or
expand employment opportunities in Logan County. Loan funds may be used for
equipment, construction, working capital, purchase and development of facilities
and leasehold improvements.
The original USDA loan fund has been fully loaned out and has revolved several times
since 1994. Due to the success of this program, we have secured additional funding
from USDA, and since the inception of LCEDC have helped 86 Logan County businesses
with loans for expansions and equipment. Approximately 1,200 jobs have been
created and or saved by business loans.
LCEDC has been a catalyst for growth in the region with funding provided for new
business startups, business expansions and business retention. Many times LCEDC
partners with local financial institutions to provide matching funds, and/or with state
or federal programs to complete funding structures for local projects.
Our service region includes counties as follows:
Atoka, Choctaw, Coal, Garfield, Hughes, Jefferson, Kingfisher, Logan, Lincoln,
McCurtain, Noble, Okfuskee, Payne, and Woods
LOGAN COUNTY ECONOMIC
REVOLVING BUSINESS LOAN FUND
LOGAN COUNTY ECONOMIC DEVELOPMENT COUNCIL
REQUIREMENTS FOR ALL LOAN APPLICANTS
Personal financial statement
Prior 3 years personal tax returns.
Current financial statements for business.
Three years preceding business tax returns if the loan
is being requested for an existing business.
Personal guarantees will be required.
Each loan will be collateralized by fixed assets and/or
inventory accounts receivable.
Available collateral. ________________________
If borrower is a corporation, a resolution authorizing
entering into a loan with the LCEDC, passed by the board
of directors of the corporation is also required.
Each borrower will be required to make an equity injection
(cash or in kind) of 10% of the total cost of the project for
new projects / businesses.
Loans may not exceed $150,000; or 75% of the total cost
of the recipients' project fro which the loan is being made.
The borrower will be required to inject a minimum of 10%
This is an equal opportunity program. Discrimination is prohibited by Federal Law.
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