OUR SERVICES

REVOLVING LOAN FUND PLAN

The mission of the Miami Area Economic Development Service, Inc. (MAEDS) is to assist existing and attract new business and industry to create expanded employment for area counties, resulting in an improved quality of life.

 

The Revolving Loan Fund is a locally controlled source of capital that assists startup and growing businesses whose projects help improve the Northeast Oklahoma economy.

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Loans through the Revolving Loan Fund may be used to start a new business; modernize or rehab an existing plant or facility; help an existing company expand; help a business retrain its workforce; acquire land, buildings or fixed assets; help with site preparation and the construction of buildings or installation of equipment, and provide working capital (inventory and direct labor costs only).

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The Revolving Loan Fund is designed to used as an economic development tool in Miami Area Economic Development Service Inc.'s service area of Ottawa, Delaware, Craig and Mayes counties in Northeast Oklahoma. More specifically, the funds are used to stimulate private sector investment in order to create jobs for the region's economy.

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All funded projects must meet at least one of the following objectives:

• Provide job creation and/or retention.

• Meet MAEDS' approved economic development and/or redevelopment plans.

• Increase the local tax base.

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Terms and conditions will vary with each loan application, and are based on a review of collateral, finances, and market risk associated with each request. In general, loan terms will average 3 to 7 years on working capital, 7 to 10 years on machinery and equipment, and up to 20 years on real estate. All interest rates are fixed. The organization reserves the right to negotiate all interest rates. The overall job creation to loan ratio must be one job per $40,000 in funds borrowed.

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Revolving Loan Fund highlights include:

• Loan Amounts: Determined on a case-by-case basis.

• Interest Rate: Fixed rate based on current market conditions.

• Term: Negotiable.

• Origination Fee: $100, non-refundable.

• Legal Fees: Varies based on type of loan.

• Prepayment Penalty: None.

• Job Creation: The goal is to create one job per $40,000 of funds borrowed.

• Possible Uses for Loan: Land, building construction, building expansion, machinery, equipment, and working capital.

 

Determine your goals. Develop your plan. Then let us help you be a part of the economic growth in Northeast Oklahoma.

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BUSINESS RETENTION AND EXPANSION

The Miami Area Economic Development Service, Inc. assists local businesses with retention of jobs and expansions.

 

Since its inception, MAEDS has assisted 177 existing businesses and 114 new businesses through the organization's loan programs resulting in the creation of more than 2,100 additional jobs. The organization also conducts a regular visitation program with existing industry.

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WORKFORCE DEVELOPMENT

MAEDS understands workforce availability, quality and cost are essential project requirements.

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Our state, regional and local workforce development, education and training providers will work to meet your specific project needs, requirements and expectations.

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MAEDS brings all parties to the table at your request for a shared, aggressive workforce recruiting, screening and referral process that leads to customized training and successful on-boarding of people from the area with the required skill sets, including production and other key occupations.

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SMALL BUSINESS DEVELOPMENT

Entrepreneurs create wealth in a community -- for themselves, for the people they employ and for the local economy. Today's small businesses are the innovators and job generators of tomorrow.

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How does this organization supports small businesses and entrepreneurs:

• Through shared office space options to help your business get started and grow,

• Working with existing partners to help you with the development of a business plan.

• Offering guidance and connections for financing, marketing and product development.

• Assisting with grants and loan applications.

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Our role is to work with other service providers in a our region to help entrepreneurs and small business owners overcome obstacles to business growth and development.