Fostering Economic Development Through Loans
My team and I are aware that the financial stability of Kentucky residence is a gradual process in its developing stage. We realize that we are still recovering from an economic standpoint, and we need to be patient. 20% of our residents struggle to cope with their daily expenses. In this context, we can only cautiously support the use of loans in times of economic hardship.
- Personal loans from banks and credit units help millions of households across the country meet their financial goals. To enable access to these loans, you need to build your credit, responsibly pay all your bills and prove that you can manage your finances.
- Mortgage loans. Owning property should be available to every single American citizen or permanent resident. Very few people would be able to afford to buy property without mortgage loans. Our economy may fall into the wrong hands if the average citizen would not invest in property.
- Payday loans. Nobody should struggle to pay the bills or put food on the table for their families. Payday loans have been an emergency solution for millions of American households.
- Small business loans. We have grandiose plans and strategic development guidelines. However, there's a long way until we will be able to support local businesses fully. Entrepreneurs can apply for small business loans, SBL or Kentucky Economic Development Finance Authority, KEDFA, Small business loans program. With the latter option, candidates may take up to $100,000 for a term of up to 10 years.
Besides supporting the use of loans, we also encourage all Kentucky residents to invest in their financial literacy. The benefits of a financially educated society are evident. Through responsible borrowing and adequate financial education, our citizens will be able to:
- Anticipate upcoming expenses;
- Reduce the impact of all financial emergencies;
- Create a safe environment for economic development;
- Have control over their cash flow;
- Develop and implement a personal budget align with their financial goals;
- Identify potential risks and avoid them;
- Allocate resources where they are most needed;
- Invest and make a profit;
- Improve their quality of life.