Areas Served: Clay County
Revolving Loan Fund for Small Business in Clay County, Iowa POSSIBLE USES
– Loans may be used to start a new business or to expand an existing business.
– Loans funds may be used for equipment, land acquisition, site preparation, building acquisition, building construction, remodeling, machinery and equipment, furniture and fixtures, and working capital.
Loan funds may be utilized by businesses in: ELIGIBLE LOANS – You must be 18 years of age.
– The business must be located in Clayton County, Iowa, including all of Edgewood & Postville.
– All loan requests must be accompanied by a business plan.
– Applicants must apply through a commercial lender.
– Applicants must attend a business training class or are an existing business.
POSSIBLE USES – Loans may be used to start a new business or to expand an existing business.
– Loans funds may be used for equipment, land acquisition, site preparation, building acquisition, building construction, remodeling, machinery and equipment, furniture and fixtures, and working capital.
– Loan funds may be utilized by businesses in: Service Retail Commercial Manufacturing Industrial INELIGIBLE PROJECTS – Loan funds may not be used to refinance existing debt.
– City and County governments are not eligible.
– Certain agricultural productions.
LOAN SIZE AND TERMS – Loans may range up to $20,000.00 – Loans terms are amortized over a maximum of five (5) years.
– The interest rate is a fixed rate between 3%5% for all loans.
– Projects must have a minimum of 10% personal or business equity.
– The Revolving Loan fund can provide a maximum of 40% of total project costs.
– Adequate security or collateral must be provided for the loan.
– Require one permanent job created or retained for each $10,000.00 loaned.
Contact InformationClayton County
Address: 132 S. Main St.
City: Elkader
State: Iowa
Website:
http://www.claytoncountyiowa.com/economicdevelopment/revolvingloanfund.htm
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