Pub. 11 2022 Issue 2 7 Kelly VanZwoll, JD, AVP-Staff Attorney and Government Relations In addition, the program allows us to be more competitive on interest rates, in a changing interest rate environment.” Kansas Economic Recovery Loan Deposit Program 101 Can my financial institution participate? The program is open to any bank that agrees to participate and is eligible to be a depository of state funds. Who is an “eligible borrower”? Any individual or entity operating a business primarily for commercial or agricultural purposes. The business must maintain operations and transact business in Kansas and employ less than 200 fulltime employees. What are the terms of the loan? Loans are limited to $250,000 to be repaid over a period of up to 10 years. Loans are deposited in Kansas financial institutions at 2% below market, or a minimum of 25%, and financial institutions can charge an additional 3% on top of the deposit rate. Only one economic recovery loan deposit can be made and be outstanding at any one time to any eligible borrower. Although you can only do one economic recovery loan, you can still do an additional agricultural loan for the same borrower. The borrower’s rate will be re-calculated annually by the PMIB. For more information or to sign up for the Kansas Economic Recovery Linked Deposit Loan Program or the Agricultural Loan Deposit Program, go to kansasstatetreasurer.com/fin_serv.html. Policy preparation and review for: deposits, lending, operations, safe deposits, trusts, bank security, Bank Secrecy Act & information technology Loan and Account documentation review Assistance with drafting basic transactional forms and agreements Access to Quarterly Compliance Forum Advertising and website review Compliance and legal consultations for bank transactions and HR Issues If you are interested, please email kbcs@ksbankers.com. If you have any questions regarding the content of this advertisement, contact Terri Thomas, J.D. at (785) 232-3444. SERVICES OFFERED BY
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