Pike County  Small Business
 youth  Production  Loan Program

Our mission for pike county Youth Production loan program

To provide gap financing to individuals and business entrepreneurial activity that would lead to community economic and quality of life enhancement
for the Pike County area. Priority constituents would be those individuals of low to moderate income status and under represented community based businesses.
Special emphasis will be placed on value added agriculture productions and processing activity and young, beginning and under served aspiring and
existing entrepreneurs.  Male and Female ages 12 to 25.

Assisting AGRICULTURAL projects such as:

·         Annual  operating loans for crops

·         Animal Production

·         Local produce/garden production

·         Specialty crops

·         Landscape or lawn service

·         Greenhouse/plant production

·         Meat Processing

            *  No Vehicles

            *  No Land Purchases

            * No College Tuition

Developing Opportunities for Youth Agriculture Related Businesses

The terms and rates of loans are as follows:

    ·         Line of Credit Operating Loans:
          Annual interest rates 2.5% up to 5.5% to paid quarterly.

    ·         Intermediate/Equipment Loans:
          Term loans payable with an annual interest rate of 2.5% up to 5.5% with payments to be determined by the board.

Collateral Requirements  

·         Collateral equal or greater in value of the loan is required from the loan recipient. Personal guarantees by those owning 20% or
more of the business may also be required as determined by the governing board.

Loan Limits

·        Up to $25,000.00 total available on a first loan. One job must be created with the first $15,000.00 of loan.
For amounts over $15,000.00 a second job must be created.

* Equal Opportunity Lender

Priorities

   ·           All applicants are required to complete entrepreneurial training/bookkeeping

Monitoring  and Reporting Requirements

The lending administrator will monitor the progress of each business loan and review all financial reports required.
Reports required are first year plus typical year business plan, cash flow projections, income statements, and balance sheets
updated every six months. Collateral must be maintained and dispossession is not hereby authorized.  This is not intended to restrict
the ability to operate the farm or ranch efficiently.  Proceeds from the disposition of collateral will be applied in order of lien priority.

Proposed Fees/Charges to Recipients

• 2.5% up to 5.5% annual interest rate
• Applicant is responsible for all fees/costs associated with loan,

      i.e. UCC 1-Filing Fees

Loan Process

• An eligible applicant must fill out and submit an Application, Two letters of Recommendations, Annual Credit Report,
  Current Financial Statement, First Year, plus Typical Year Business Plan, UCC 1–Filing Fees to:

Pike County Development Authority
Pike County Court House
115 West Main St ,
Bowling Green , MO 63334

After their preliminary review and recommendation of which loan funds should be utilized, based upon the dollar amount being requested, 
a copy of the application will then be forwarded to the loan committee for final review and approval if warranted.

• Applications are screened based on eligibility and references.
• The governing board votes to approve or disapprove the applications and set the loan terms.
• If approved by the governing board and terms accepted and signed by the applicant, the loan amount is awarded.
  
  
  

Developing Opportunities for Youth Agriculture Related Businesses

For more information contact:
Pike County Development Authority
115 West Main Street
Bowling Green , MO 63334
Tele: 573-324-2077
Fax: 573-324-5154
Email: pcda@nemonet.com
Website: pikecountymo.org

Board Members

    BOB KIRKPATRICK
        MEL MOTLEY
          Curt Mitchell
        Roger Colbert
 Carolyn Wisecarver