Small Business Loans in Richmond, KY: From a Bone Density Scanner to a Week of Payroll

A business loan is money a funding partner pays out to a business, which then pays it back with interest on a schedule agreed before any money moves. The plainest way to see the moving parts is one invoice followed from start to finish.

Illustration only, invented figures: a Richmond, KY machine shop owes its steel supplier $18,750, due in ten days, while the customer for the finished parts will not pay for several weeks. In this invented example, a working capital loan of $18,750 at a 13.15% annual rate over 10 months carries a monthly payment of $1,989.85.

1. The shop owner phones (859) 461-8654, or fills in the request form: name, phone, email, company, time in business, revenue range and amount.
2. On the call, the owner explains the invoice, the due date and when the parts customer is expected to pay.
3. Ledgecrest Lending sends the request on to funding partners; each one may look at bank statements, revenue, time in business and credit.
4. A partner that wants to go ahead sets out an amount, a rate, a term and a payment; another partner may decline or offer different terms.
5. The owner compares any offer against the invoice and decides; nothing is owed until a funding agreement is signed.

In the same invented example, the ten payments of $1,989.85 total $19,898.50, so the invoice costs $1,148.50 in interest on top of the $18,750 itself. That figure is the one to weigh against what a late payment would cost with the steel supplier.

Limited-service restaurants are a large group in the county: County Business Patterns counted 70 of them in Madison County, KY in 2023 (NAICS 722513), with 1,897 paid employees between them. A counter-service kitchen meets nearly every funding type in a single year, which makes it a handy way to sort the six products.

Treat the pairings as a first sort for a counter-service kitchen. A partner may suggest a different product for the same cost after looking at the bank statements, and the owner can ask about more than one type on a single call.

Before choosing a funding type it helps to know what kind of local economy a business sits in. Health care and social assistance had the most employer establishments in Madison County, KY in 2023, with retail trade one location behind.

Manufacturing is missing from that table because it counted only 69 establishments, yet its $299.9 million annual payroll in 2023 topped every other sector in the county (County Business Patterns). A plant with that kind of wage bill feels a late customer payment within one pay period, which is where working capital and lines of credit come in.

Sole owners show up in a different Census count. Nonemployer Statistics recorded 7,014 Madison County, KY businesses without paid employees in 2024; owner-only businesses use the same phone line and request form as employers do.

Offices of physicians are one of the county's larger medical groups: 56 employer establishments in Madison County, KY in 2023 (County Business Patterns, NAICS 6211). An office adding bone density testing has two broad routes: finance the unit and own it, or lease it and hand it back or renew at the end.

Illustration only, invented figures: the unit is priced at $47,600. In this invented example, the loan route puts $4,760 down and finances $42,840 at a 10.35% annual rate over 60 months, a payment of $917.62; the lease route is a fair market value lease at an invented $1,015 a month for 48 months.

In this invented example the lease costs $97.38 more a month than the loan payment, and its 48 payments come to $11,097.20 less in total cash than the loan route, but the office ends the lease without the unit. If it buys the unit at the end, the purchase price is set at that time, so the lease total no longer tells the whole story. The equipment financing page follows a $1 buyout lease on a carpet cleaner's extractor and the lien paperwork on an equipment loan.

Wages are the cost that cannot wait. Automotive repair and maintenance shops in Madison County, KY numbered 42 employer establishments in 2023, with 229 paid employees (County Business Patterns, NAICS 8111). The articles page works through a repair shop's own cases.

Illustration only, invented figures: a janitorial company runs a biweekly payroll of $11,400 and waits 33 days for a property manager to pay its monthly cleaning invoice. Depending on where the first payday falls, 2 or 3 payrolls land inside that invented wait, $22,800 to $34,200 of wages before the invoice is paid.

• Payroll that falls before a large customer pays
• A parts account or a food distributor invoice with a due date
• A repair bill on a lift, a cooler or a compressor
• Equipment such as a scan tool, a fryer or an exam-room unit
• A service van for a business outside trucking

Each of these can be described on one call. Funding partners decide which ones they will fund and on what terms; Ledgecrest Lending does not make that decision. The how it works page sets out each stage of a request, up to reading any offer.