• Dec 12, 21
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

The Parkersburg Revolving Loan Fund provides supplemental financing to small and medium sized businesses located within Parkersburg,Iowa.

Projects must either create or retain jobs.

Program funds can be used for most aspects of start-up or expansion projects and, in some cases, may include needed working capital.

Funds cannot be used to refinance existing debt or subsidize payments on existing debt.

The primary consideration for financial participation by Parkersburg is the creation or retention of jobs.

Because the program is funded with local funds, requirements normally associated with the state or federal economic development programs do not necessarily apply.

The application process has been streamlined to reduce the amount of information that must be submitted.

Financial information that generally must be submitted to a local government under regular programs has been substantially reduced.

ELIGIBLE AREA The location of each Loan Fund project must be within Parkersburg.

Any Loan Fund loan must be immediately repaid, including outstanding principal and interest, if the project activity is moved outside the eligible area during the life of the loan.

Any transfer of majority ownership by the borrower must be reviewed by the Administrator and the Review Committee, and the assumption of an outstanding loan reapproved by resolution of the Board.

ELIGIBLE USES Acquisition of land and/or buildings; plant construction; building conversion or expansion; leasehold improvements; purchase of machinery and equipment; and, under certain circumstances, capital for basic inventory.

Financial assistance is not available for refinancing existing debt or subsidizing payment on existing debt.

ELIGIBLE APPLICANTS Applicant must be the owner or purchaser of the business or his/her duly authorized representative.

Only for-profit businesses engaged in industrial or service enterprises are eligible.





Contact Information
Parkersburg Economic Development
Address: 608 Hwy 57
City: Parkersburg
State: Iowa

Website: http://www.parkersburgiowa.info/revolvingloan.html

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