Center for Rural Affairs (CFRA)
(https://www.cfra.org/)
Economic Development
SENDD has a dedicated staff, with over 30 combined years of economic development–related experience, to assist communities and businesses with their economic development and financial assistance needs.
Revolving Loan Funds
SENDD provides loans and financial packaging assistance to businesses throughout the 16-county region. The Revolving Loan Funds were funded by USDA – Rural Development and the US Economic Development Administration (EDA) and offer favorable interest rates and terms per the programs’ guidelines.
The primary goal of the fund is to provide financing and/or refinancing for start-up and existing businesses that cannot obtain sufficient conventional financing or to attract new businesses. Eligible businesses include manufacturing, service, telecommunication, food-based, childcare, retail, agricultural, etc.
Loan activities may include acquisition, construction or renovation, working capital, equipment/ machinery, public infrastructure, etc. Loan amounts may not exceed $200,000 and cannot be lower than $50,000. Terms will be determined based on the loan activity. Interest rates charged are at least 75% of the current Wall Street Journal Prime Rate.
To determine if your project is eligible for a SENDD loan, please complete the pre-application and submit to the loan officer. You will be contacted within seven days after the pre-application is submitted. If eligible, you will be invited to fill out the full application.
Economic Development Lite
In the summer of 2023, SENDD launched a program called the Regional SENDD Economic Development Lite Program that provides community leaders with the tools and resources they need to address economic development opportunities. Utilizing funds from the U.S. Economic Development Administration, SENDD created the online tool that allows community leaders to gauge where they stand with improving the economic well-being and quality of life for their town.
The first step is easy, just take a readiness assessment to determine the level of commitment and identify key stakeholders who will go through the program. This assessment will go to SENDD staff, who will work with the primary point of contact to schedule an initial launch meeting where together, the stakeholders and SENDD staff will go through the initial assessment that places the community at a certain level. Once the community is placed in a level, they will work independently from SENDD to answer the questions within that level and complete necessary windshield assessments. Once that level has been completed, the results will be shared with SENDD, who will return to the community to assist with implementation. SENDD will work with four communities per year (one per quarter).
