• Jan 19, 22
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

The Riceville Community Foundation established the Revolving Loan Fund (RLF) to enhance capital investment and support the creation and retention of jobs beneficial to the Riceville, Iowa area.

The intent of the RLF is to support business creation, expansion, and retention projects.

The RFL will provide low-interest loans to qualifying projects located within the boundaries of the Riceville, Iowa School District.

Use of Funds: Loans from the RLF are not intended to be the primary source of project funding.

Personal investment by the project owners and loans from commercial lenders will constitute the primary funding.

The goal of the fund is to retain or create one full time job for each $10,000 loaned from the RLF.

Funds may be used for any and all of the following purposes: · Acquisition and development of land, easements, and rights-of-way.

· Construction, conversion, enlargement, repairs or modernization of buildings (including façade repairs), plants, machinery, equipment, access streets and roads, parking areas, utilities, and pollution control and abatement facilities.

· Loans for startup operating cost and working capital for purchase of machinery, equipment, raw materials, or inventory RLF loans will not be provided under the following circumstances: · RLF funds will not be used to produce agriculture products through growing, cultivation, and harvesting either directly or through horizontally integrated livestock operations except for commercial nurseries or timber operations · RLF funds will not be used to fund a part of a project which is dependent on other funding unless there is a firm commitment of the other funding to ensure completion of the project.

· Loans will not be made unless the applicant is a “small and emerging private business enterprise” defined as “any private business that will employ 50 or fewer new employees and has less than $1 million in projected gross revenues.

” Rules Governing the Fund: The following guidelines are used by the RLF Committee to administer the fund: · RFL loan will provide no more than 50% of total project financing.

· Minimum loan is $3,000. · Loans will be amortized over the length of the loan (maximum of 7 years).

· Loan interest rate will be fixed rate between three and six percent.

· Security shall consist of the best lien available on real estate, equipment, inventory, etc.

· Outstanding principal and interest must be repaid if the business is sold or moves out of eligible area.

· Project must be located within the Riceville School District.

· Project business plan, income projections, balance sheets, credit report, business and personal financial statements are some of the information required by the application.

· A $100 application fee must accompany the application.





Contact Information
Riceville Community Foundation
Address: 123 W. Main
City: Riceville
State: Iowa

Website: http://riceville.govoffice2.com/index.asp?Type=B_BASIC&SEC={21333074-6544-48A2-B4DA-6A834333BD2A}

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