Farmers Bank & Capital Trust Co. partners with Kentucky Small Business Credit Initiative Program
Farmers Bank & Capital Trust Company
is pleased to announce it is now partnering with the Kentucky Small Business Credit Initiative Program
, a service of the Kentucky Cabinet for Economic Development (KCED). The initiative includes distinct credit enhancement programs designed to generate jobs and increase the availability of credit to small businesses by reducing the risk participating lenders, credit unions, and community development financial institutions assume. KSBCI will leverage funding from these private lenders to help finance creditworthy small businesses that would typically fall just outside a lender’s normal underwriting.
Farmers Bank is participating in these two KSBI programs:
Kentucky Loan Participation Program (KYLPP):
Assists borrowers whose cash flow does not meet a lender’s coverage requirements by allowing CED to purchase (or participate in) a portion of the loan from the lender and offer the borrower, on that portion, a payment-free grace period up to 24 months.
Kentucky Collateral Support Program (KYCSP):
Provides a pledged asset (cash) to a lender for consideration in making a loan to a small business, thereby enhancing the lender’s ability to underwrite the loan.
Eligible borrowers may include corporations, partnerships, joint ventures, sole proprietorships, as well as state designated nonprofits and certain cooperatives. More information about the program is available at ThinkKentucky.com
Farmers Bank is a 162 year old financial institution with locations in Franklin, Anderson, Mercer and Boyle Counties. The bank is an affiliate of Farmers Capital Bank Corporation headquartered in Frankfort.
For further information contact Zachary Moore at (502) 227-1689