Areas Served: Hardin, Grundy, Marshall and Tama Counties
All loans considered and granted by the Heart of Iowa Communications Cooperative’s Economic Development Program must meet the following criteria.
.
.
Eligible projects will include retail business and community factilities.
These proposed projects must demonstrate potential future impact on the local economy and illustrate critical need.
Eligible entities include corporations, partnerships, sole proprietorships, limited liability companies, cooperatives, governmental entities, nonprofit entities and tribal entities.
The HICC ED Program may be used to provide interim or permanent financing for building construction or renovation, real estate, machinery, equipment and working capital.
The HICC ED Program cannot be used to refinance existing debt or to make payments to business owners or partners.
The HICC ED Program cannot be used to finance production agriculture, illegal activities, and legalized activities (e.
g.
gambling casinos), which in the opinion of the HICC Board, adversely affect the HICC ED Program’s interests.
The total investment by the HICC ED Program in any project cannot exceed 75 percent of the total capital requirements of the proposed project.
The remainder must be derived and secured from owner equity and additional public and/or private financing.
The HICC Board does not place a minimum loan size for the ED Program.
The maximum loan size is restricted to funds available in the HICC ED Program at the time of application.
Contact InformationHeart of Iowa Tele Coop
Address: 502 Main Street
City: Union
State: Iowa
Website:
http://home.heartofiowa.net/index.php?option=com_content&task=view&id=42&Itemid=88
Leave a Reply