Areas Served: Cedar, Clinton, Delaware, Dubuque, and Jackson Counties, Iowa
The EDA Revolving Loan Fund supplies up to $250,000, to purchase fixed assets and targets manufacturing, high tech, and service industries located in Cedar, Clinton, Delaware, Dubuque, and Jackson Counties in Iowa.
Eligible Projects Fixed-asset acquisition or expansion including:
¢ Purchase of land and/or construction of new buildings
¢ Purchase and/or renovation of existing buildings
¢ Acquisition/installation of machinery or equipment
¢ Financing of working capital in special situations Advantages Low down payment – as little as 10%.
Allows the small business owner to preserve critical working capital Flexible term – flexible, but typically 7 year terms Low interest rate – generally between 4-8% Lending Parameters $250,000 Maximum project size 1.5% processing fee and legal costs, no servicing fee Goal of 1 Full Time Equivalent (FTE) position created for each $65,000 ($100,000) lent within 2 years Collateral required, lien position may be subordinated to private lender Personal Guarantee usually required, other security as necessary
Contact InformationECIA Business Growth
Address: 7600 Commerce Park
City: Dubuque
State: Iowa
Website:
http://www.eciabusinessgrowth.com/EDA_RLF.html
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