Areas Served: Wright County, Iowa
Wright County Iowa Economic Development Revolving Loan Fund Guidelines Monies may be lent up to $10,000 per each new job created or saved.
Interest rate plus or minus 5% from prime (typically set at 5.00% fixed).
Eligible for loan if business has a SIC number and business has a commercial use.
Wright County is not a lender of primary funding.
A financing gap should be present and/or Wright County provides no more than 50% of total sources.
A credit check may be performed on a semi-annual basis.
Maximum loan of $150,000 outstanding for any entity or affiliated entity.
Maximum repayment period of 5 years.
Monthly payments preferred, quarterly payments acceptable.
Wright County will take a subordinate position only to commercial/governmental lenders.
Require a profit/loss statement on a semi-annual basis.
A year end Balance Sheet should be sent to Wright County Economic Development at fiscal year end.
Money due and payable with interest rate set to 15% minimum if business ceases operation or shifts jobs outside of Wright County.
A $100 application fee will be charged.
This fee may be waived at the discretion of the Wright County Economic Development director.
Contact InformationWright County Economic Development
Address: 115 N. Main St.
City: Clarion
State: Iowa
Website:
http://www.wrightcounty.org/departments/economic_development/finance_your_business.php
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