eCommunity loans are a gap financing fund used for startup costs, expansion of an existing business, working capital, inventory, and more.

Loan Eligibility: Funds must be utilized to provide matching loans to for-profit, small businesses within Phillips County.

Loan Maximum: The maximum loan size is $50,000 per business. eCommunity funds can match up to 150% of the partner contribution. This means that eCommunity funds can be no more than 60% of the total funding package. Partner contribution can come from a public source of capital (microloan, revolving loan fund, certified development company, community foundation, USDA) and/or a private source (bank loan). 

Usage of Funds - Acceptable: Purchase of land, purchase of real estate, purchase of business inventory, purchase of business equipment, and working capital. 

Usage of Funds - Inacceptable: Paying off or refinancing existing debt, salary or owners draw, payroll taxes, and building renovation not tied to a specific business. Funds cannot be used for passive real estate; funds can only be disbursed to a business that will be housed in the building being purchased with E-Community funds. Funds cannot be used to purchase real estate utilized for housing such as an apartment complex or loft apartments.  

To apply for an ecommunity loan: Please complete the below application form and submit any additional documentation as directed.
For further information about the eCommunity loan program or any other business funding programs, contact the PCED office and we will be happy to help.  

eCommunity Loan Program Application