Areas Served: Sac City
Low Interest Sac City Revolving Loan Fund The City of Sac City has established, through its gas utility, a pool of funds to be utilized as a revolving loan fund account.
These funds are to assist and encourage the development of new businesses and industry through expansion or retention.
Loan applications will be considered for industrial business, service, or retail, which plan to locate or expand in Sac City.
The interest rate and term of loan will be determined on a project-by-project basis.
However, historically, the term has been ten years, with a five year balloon and interest rate in the six percent area.
There is no minimum loan amount and the maximum loan request is $75,000. The City does require security through mortgages, UCC filings, or other, as deemed acceptable by the Revolving Loan Fund Committee.
All applicants will be required to provide personal guarantees and financial statements.
These funds may be used to piggy back with other funds, conventional financing, or business/industry development loans made through the state or federal government.
Chamber-Main Street Sac City Revolving Loan Fund Chamber-Main Street Sac City has received a RACI (Revitalization Assistance for Community Improvement) Grant through the Prairie Meadows Racetrack and Casino and has established a revolving loan fund of $22,500, to be used for structural, façade and other building improvements in the commercial business district.
The loan fund will enable property owners to make a variety of necessary improvements in their buildings to preserve and/or restore them to good condition.
Because the loan fund is designed to provide financial incentives for property owners to make these improvements to their buildings, the loans are made at 0% interest rate.
As a designated Main Street Community, Sac City also encourages commercial development by assisting new and/or established businesses with the following incentives: Business Planning, Visual Merchandising Training, Customer Relations Training and Design Recommendations (façade and interior) for proper historic aesthetics
Contact InformationSac Development Corporation
Address: 615 West Main St.
City: Sac City
State: Iowa
Website:
http://www.saccity.org/pages/business-assist-opportunities.html
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