Areas Served: City of Ankeny, Iowa
The City of Ankeny, Iowa Revolving Loan Fund provides assistance to local business within the city limits.
Eligible projects include inventory, machinery and equipment, building or land purchase, building renovations or expansions and working capital.
The Loan Criteria provided in Exhibit B of this application summarizes the eligible projects and general terms of the Revolving Loan Fund.
The purpose of this fund is to provide capital for new and existing business expansion, retain or expand employment, expand the tax base and encourage new business investment in the community.
It is fully intended that all funds repaid to the Revolving Loan Fund by any borrower be re-loaned to other business for additional expansion and economic development projects within the City.
Eligible Projects – Use of loan funds must be for operations within the municipal corporate boundaries.
– Working capital, inventory, machinery and equipment, building or land purchase and building renovation or expansion.
Ineligible Projects – Purchase of equity positions in business enterprises.
– Refinance of existing debt.
Loan Amount – Generally $5,000 to $100,000 Loan Term Length – Loan terms shall not exceed 10-years in length.
– Each loan will be determined on a case-by-case basis.
– Equipment loans will generally not exceed 5 to 7 years, not to exceed the depreciated life of the asset being financed.
Interest Rates – Fixed interest rates based on current market interest rates for similar loan and risk as recommended by the Loan Committee and approved by the City Council.
Contact InformationCity of Ankeny
Address: 401 W 1st St
City: Ankeny
State: Iowa
Website:
http://www.ankenyiowa.gov/Index.aspx?page=84
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