EDC Loan Corporation

1.1. Purpose:

The purpose of EDC Loan Corporation is to provide small businesses access to the SBA 504 loan program and to effectively utilize various loan programs to facilitate and leverage private sector financing.


1.2. Authorization:
EDC Loan Corporation is a not-for-profit corporation originally authorized under MO R.S. 351.355, as amended, and created with bylaws filed with the Missouri Secretary of State,July 31, 1980, under the name of KCCID - Capital Investment Fund. KCCID was established in 1978 as a 503(c)(4) as a major economic development arm of the City of Kansas City, Missouri. On January 13, 1988, amended bylaws were filed changing the name to EDC Loan Corporation.

EDC Loan Corporation was certified as a Certified Development Company under the Small Business Investment Act of 1958, as amended, to provide long-term loans to small businesses for the purpose of construction, conversion, or expansion, including the acquisition of land, existing buildings, and leasehold improvements. Certification was issued on December 28, 1980.



 

1.3. Eligibility Requirements:

In general, private, for-profit businesses that are considered small under Small BusinessAdministration guidelines are eligible. Projects are not eligible for financing through EDC Loan Corporation, if credit is otherwise available on terms and conditions that would allow the project to proceed. Most programs require that the funding to the business will result in creating or retaining jobs. Typically, EDC Loan Corporation will partner with a local financial institution to fully fund a project, taking a subordinate position on project collateral.


1.4. How the Programs Work: