Revolving Loan Fund (RLF) is a loan pool established by the Southeast Iowa Region to assist new and existing businesses develop and expand. Funds are used in conjunction with local lenders to serve as gap financing for proposals and the lender serves as the primary source of funding. As the payments are made and repaid into the pool the fund revolves back out to other candidates for the program.
RLFs Available
The EDA RLF was funded by a $450,000 grant from EDA and a $150,000 local match. Businesses from all four counties are eligible to apply for loans up to $125,000 at a competitive interest rate. The primary objective of the program is private sector job creation and capital formation for expansion or start-up projects and has a goal of creating or retaining one job for each $10,000 lent.
The SEIRPC RLF was funded by a $600,000 loan from USDA and a $150,000 local match from each of the four member counties and cities. For-profit businesses from all four counties (excluding businesses located in the city limits of Burlington, Iowa) are eligible to apply for loans up to $125,000 at a competitive interest rate. The regional fund targets manufacturers and has a goal of creating or retaining one job for each $10,000 lent.
The Henry County RLF targets manufacturing and service industries in Henry County, outside the city limits of Mount Pleasant, who need financing for fixed assets such as land, buildings, and equipment. This fund has a goal of creating or retaining one job for each $25,000 lent.
The Fort Madison RLF was funded by the City of Fort Madison, Catfish Bend Casino, and four local lenders. The fund is targeted to assist new and existing businesses located in commercial sectors of Fort Madison with development and expansion projects. Businesses in Fort Madison are eligible to apply for loans up to $25,000 at a competitive interest rate. The fund requires that one job be created or retained for each $10,000 lent.
Revolving Loan Fund (RLF) is a loan pool established by the City of Keokuk to assist new and existing businesses develop and expand. The program is specifically targeted toward startup and expanding businesses within the city limits. Funds are used in conjunction with local lenders to serve as gap financing for proposals and the lender serves as the primary source of funding. As the payments are made and repaid into the pool the fund revolves back out to other candidates for the program.
The Mediapolis Economic Development Corporation is the sponsor of the local housing trust fund that provides homeowners with financial assistance to either do a combination of owner occupied rehabilitation, down payment assistance, and rehabilitation in support of down-payment assistance. The form of assistance is a combination of forgivable and low interest loans. The original amount of the State's portion of funding must be used in the first two years.
SEIRPC will assist in the application compilation for new or growing businesses and works directly with a Certified Development Corporation (CDC) for loan packaging and award. The down payment on each loan application can be as low as 10%. For more information look at www.sba.gov.
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