WCEDC has played an active role in the development of rural Iowa. Through its board and staff, WCEDC has provided not only leadership but financial participation in economic and community development. Through the Revolving Loan Fund (RLF), WCEDC is seeking to improve the quality of life in rural areas by contributing to the long -term improvement in the economy, including job creation and retention, diversification of the economy, improving the education and skills of the rural workforce, and upgrading the public infrastructure to improve the health, safety, and/or medical care of residents.
PROGRAM GUIDELINES
To receive consideration, the applicant must meet the following program guidelines:
The project/business typically must be physically located in Warren County.
Minimum loan award is $5,000
Maximum loan award is $25,000
The grantee has a goal of creating or retaining at least one full time job for each $10,000 loaned from the RLF.
The loan interest rate will typically range from 3-5% and typically will not exceed prime rate by more than 2%.
Loans can be amortized over the lesser of seven years or the life of the security.
A $100 non-refundable application fee shall be submitted with each application.
Applicants will be required to meet their financial needs from their own resources and commercial financial institutions whenever possible. The RLF will be used to finance applicant needs that cannot be met from the above resources. The RLF may finance 100% of an applicant’s needs if other resources are not available.
ELIGIBLE USE OF FUNDS
The RLF monies may be used for the following activities:
Acquisition and development of land, easements, and rights-of-ways
Construction, conversion, enlargement, repairs or modernization of buildings (including façade repairs), plants, machinery, equipment, access streets and roads, parking areas, pollution control and abatement facilities.
Loans for startup costs and working capital
INELIGIBLE USE OF FUNDS
The RLF monies may not be used for the following activities:
To produce agriculture products through growing, cultivation, and harvesting either directly or through horizontally integrated livestock operations except for commercial nurseries, timber operations, or limited agricultural production related to technical assistance projects.
To pay off any previous debt. Refinancing construction financing is an exception to this rule.
HOW TO APPLY
Contact the WCEDC team to discuss your project, determine eligibility,
and receive the application materials..
CONTACT US TO APPLY