Small Business Development Center
Consultant Dr. Merle Rhoades of the Small Business Development Center (SBDC) has worked very closely with MCEDC on providing small and emerging businesses with basic business fundamentals.
“We recommend that all small businesses meet with Dr. Rhoades prior to filling out our RLF application, as he can guide the individual (s) with their business plan and finding additional funding,”
Dr. Rhoades can consult, train and provide resources to the new or existing small business, maximizing the economic potential of the entrepreneurs within Morgan County. After Dr. Merle has met with the business, he often times make a recommendation to MCEDC’s RLF Committee and to the business that the MCEDC program may be right for them.
MCEDC RLF Committee
The MCEDC RLF Committee is comprised of two financial advisors, Wes Sailsbery of Farmers State Bank in Brush, and Jacob Beydler of Morgan Federal Bank in Fort Morgan. Sailsbery and Beydler are both new to the MCEDC Board. MCEDC staff also maintains its presence within the committee.
“I have really enjoyed being on the board for MCEDC and the RLF committee. It is a great honor to build partnerships with new business owners or established business owners in the community, and try and get what they need to succeed. Now, with the help of the USDA, we can continue these partnerships,” Beydler said.
The RLF application process is quite easy and the RLF Committee works through each one diligently.
“As applications come in to the committee, a meeting is held where we review the application and supporting documents. The committee, then will either pre approve the application to continue with the process or deny the loan. If the committee pre approves the application there is a good chance that the loan will be approved,” Sailsbery explained. “The committee makes a recommendation to MCEDC’s executive board and they come to a joint decision to move forward with the loan. Depending on which loan the business is trying to acquire, can mean additional paperwork and another step in the process.”
If the business is interested in an USDA RLF loan the process is lengthened by paperwork, not by time.
“It’s quite incredible the turnaround time that we have with the USDA,” Linker said. “If everything lines up we can have a decision from them by the end of the work day.”
The USDA RLF loan has to be approved by the USDA before funds can be exchanged.