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"Stimulus Bill" - Information about the "American Recovery and Reinvestment Act of 2009:
- For a summary as it relates to businesses in particular, click here.
- For a general summary about all provisions, click here.
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Helping you to piece the puzzle together ...
Who we are:
The PADD operates a Business Lending and Development Services Department to assist businesses and industries within the eight-county area in obtaining public-sector financing and to provide technical assistance for industrial expansions and/or entrepreneurial business development. The department serves as an intermediary between the (small) business owner and public sector financing programs.
What we do:
The Business Lending and Development Services Department provides technical assistance and (direct) loans to eligible businesses through federally funded financing programs. The PADD also provides loan, loan guarantee and grant packaging assistance for other federal, state, and local programs when a business is either ineligible for a direct loan through the PADD or when it is determined to be in the best interest of the borrower. The PADD primarily utilizes public-sector financing programs to stimulate economic growth and development to aid in the creation or retention of permanent jobs in the rural communities of western Kentucky.
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The PADD is giving you access to programs from:
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided that the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is the Federal Trade Commission, Equal Credit Opportunity, Washington, D.C. 20580.
Program Accomplishments:
- Contacted annually by over 300 people seeking business counseling and financial resources.
- Conducts “Business Orientation Workshops" and "Energy Orientation Workshops"
- For the inquiries that are ineligible for a direct loan through the PADD, the Business Lending and Development Services Department provided technical assistance and/or referral assistance to other programs and resources.
- Since our first loan program started in 1986, we closed 212 loans, totaling almost $30 million, leveraged funds/investments of almost $114 million and created/retained over 4,800 jobs in our area.
For more information or an appointment, please call the department telephone number 270/251-6117 or send an email to bizloans@purchaseadd.org.
