Let’s debunk some common myths about the Washington County IMPACT Loan Fund.
Wait. Pump the brakes. What is the Washington County IMPACT Loan Fund??
EDWC administers the IMPACT loan fund, which provides low-cost financing primarily to existing companies growing or relocating their businesses in Washington County. Our funds are readily available in amounts $100,000 – $1,000,000.
Now let’s tackle the common misconceptions we hear when talking about how businesses can leverage the IMPACT Loan Fund.
Myth #1: Your Financial Information Becomes Public
Nope – your details are safe with us.
Contrary to belief, your financial details and business plans remain confidential when you secure a loan through EDWC. While the fact that you received a loan is public record, all proprietary information stays with EDWC and is not shared with any governmental entities or made public.
Myth #2: Minimal Information is Required for the IMPACT Loan Fund
While I’m sure our team would looove to skip this step, we do require proper docs.
Obtaining an IMPACT loan requires thorough documentation, much like a traditional bank loan. EDWC reviews personal and business finances, including tax returns and projections. They act as a partner throughout the loan term, requesting ongoing financial updates to support your business growth.
Myth #3: I don’t have to pay the IMPACT loan back!
Yeah, no. You have to pay it back.
IMPACT loans are not grants; repayment is mandatory. As loans are repaid, the funds become available for other businesses. EDWC can offer extended loan terms, sometimes up to 25 years, allowing for more manageable payments.
Myth #4: Any Business Can Get an IMPACT Loan
At the risk of making neighboring counties jealous…this one’s just for WashCo.
IMPACT loans are targeted at established, fast-growing businesses in or relocating to Washington County. If your business is struggling or facing bankruptcy, this loan is not the right fit.
Myth #5: Interest Rates Are Extremely Low or High
This isn’t a roller coaster.
Hey, the point is to offer your business an incentive; so, expect IMPACT loan interest rates to be at a serious discount from bank rates…and most are fixed for at least 5 years. This provides businesses with predictable and affordable monthly payments.
These clarifications should help you better understand the realities of the Washington County IMPACT loan fund. If you are a developer, looking to get a project financed, a business owner ready to accelerate growth, or a commercial realtor helping your clients finalize deals, the IMPACT loan may be the financing tool you’ve been looking for. Get in touch today to learn more.
