Areas Served: Fort Madison
The Fort Madison Revolving Loan Fund is used to make low interest loans up to $25,000 for gap financing to qualifying individuals, partnerships, or corporations that want to start a new business in Fort Madison, Iowa.
The fund is specifically targeted toward commercial and service sector proposals, and is administered through the Southeast Iowa Regional Planning Commission (SEIRPC).
The city forged a public-private partnership with SEIRPC, the Fort Madison Chamber of Commerce and local banks to establish this fund.
The Fund was capitalized with $200,000 from the city’s gaming revenues.
The city’s investment has leveraged $800,000 in low interest loan money pledged by four different banks.
Local banks are the primary lenders for the business start-ups.
As loan payments are made, and monies are repaid to the pool, the fund revolves back out to other candidates for the program.
Eligibility is based on the following: – Startup or expanding business in the city limits – Applicant must be creating or retaining jobs – Applicant must demonstrate the need for gap financing or local match funding – Applicant proposal will support and enhance the local economy Financial Assistance: – Maximum loan award – $25,000 – Cost per Job – $10,000 – 5-7 year term on fixed asset loans – 10 year maximum on real property loans – Competitive interest rates – Loan closing fee of $250
Contact InformationSoutheast Iowa Regional Planning Commission
Address: 211 North Gear Avenue
City: West Burlington
State: Iowa
Website:
http://www.lcedg.com/assistance/local.htm
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