First Southern Partners with Economic Recovery Team in Hopkinsville
In an effort to assist small businesses in Christian County and the surrounding communities with access to capital for operations, First Southern is proud to be a part of the Economic Recovery Team.
Created in partnership with various local financial institutions and agencies, the program is designed to provide short-term financing, with terms generally expected to be five years or less.
Underwriting requirements and loan limits will be established by each financial institution or lending agency and amounts are expected to vary between $15,000 and $35,000. Loans made under the Recovery Loan Program will be expedited through a simplified application process.
These loans are solely intended to allow for the stabilization of operations upon the reopening of the economy. The funds are not intended to be used for equipment and other capital purchases.
“We are excited to be a part of the Economic Recovery Team,” says Betsy Shelton, Hopkinsville Community President. “We look forward to meeting with the small business owners about their needs and we want to do our part in providing a bit of relief to our small businesses who want operations to return back to normal as quickly as possible.”
Small businesses interested in participating in the Recovery Loan Program can contact Betsy Shelton at 270-725-7607 or by email at [email protected]
An interested business should also be prepared to collect and share documentation, such as:
- Tax returns or similar financial performance information for 2-3 prior years.
- Personal and business balance sheets with all asset values and debts.
- Analysis of cash needs in the coming months illustrated by projected operations.
The Economic Recovery Team, in partnership with The Christian County Chamber of Commerce, is comprised of key organizations, business leaders, and local government officials to help connect area businesses with resources and to identify actions needed to ensure economic prosperity for the county.