Loan money available for Barton County businesses interested in job creation and economic development is going untapped and Nex-Tech wants that to change.
“Apart from our products and services, Nex-Tech offers some community development resources,” Friday Otuya, Community Engagement Specialist, said.
One such resource is the Revolving Loan Fund offered to small businesses who are creating jobs and stimulating economic activities in rural communities.
“We haven’t blown the trumpet maybe as loudly as we should in Barton County so not many people know we offer these,” Otuya said.
The criteria for the loans involve job creation and economic development. The funds are not considered a grant and must be paid back withing 10 years. Business owners must put a small amount of money down.
“It’s not a substantial amount but they need to be investing in their own business,” Otuya said. “Then we see how many jobs they will create, where additional funding would come from and what collateral is available.”
Otuya said he works with local economic development directors to get their approval. If all criteria are met, the application goes before a committee and is then recommended to the board for approval.
Nex Tech offers Revolving Loan Fund
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“The cool thing that makes it attractive is the interest is very low, usually 4 percent to 5 percent,” he said. “Most commercial banks are going to give you 7 percent to 8 percent. Plus, the first payment isn’t due for 60 days.”
In addition, Otuya said Nex-Tech offers on-going business support.
“We’re not trying to make money with the interest; we’re trying to promote economic development,” he said. “I visit these businesses to see what challenges they’re facing and then we network with partners to offer solutions. We share resources with our clients free of charge.”
Otuya advises business owners to contact him prior to applying.
“I can help you become eligible,” he said. “Let’s visit together and talk about your needs.”
Otuya is available via phone or text messaging at: 785-639-8698
