Areas Served: Benton, Black Hawk, Buchanan, Grundy, and Tama Counties and portions of Bremer, Butler, Chickasaw, and Floyd Counties, Iowa.
The primary purpose of the Black Hawk IRP Loan Fund Program (IRP Program) is to promote new business startup, expansion, and/or retention projects in rural areas.
In fulfilling its purpose, Black Hawk Economic Development, Inc. seeks to foster capital investment, as well as, job creation and retention.
In addition to business projects, the Black Hawk IRP Loan Fund fosters community objectives by providing financing for qualifying community based projects.
IRP Program Service Area The Black Hawk IRP Program service area includes rural areas and communities in Benton, Black Hawk, Buchanan, Grundy, and Tama Counties and portions of Bremer, Butler, Chickasaw, and Floyd Counties, all in the State of Iowa.
Eligible Applicants To be eligible for the Black Hawk IRP Program, a business must meet the generally accepted definition of a small business: for profit, independently owned and operated, and not dominant in its field of operation.
The business must also certify it will employ at least 10% of workers from members of families with income below the poverty line and that no delinquent debt to the federal government exists.
IRP Program projects are reviewed on a competitive basis with emphasis on those projects whose primary operation involves manufacturing, commercial services, or wholesaling of commercial goods.
In addition to qualifying businesses, communities and community based organizations may apply.
Objective The goal of the Black Hawk IRP Fund is to improve the economic well being of the rural service area through sound economic/community development strategies and practices, to include: – Increased new business startup, business expansion and retention activities – Increased diversification of the economic base and development of exporting and minority opportunities – Sustained/increased employment opportunities (new jobs and job advancement) – Increased capital investment, and property and sales tax revenues A loan applicant must: – Be of good character and/or good standing – Demonstrate ability to operate the business successfully – Possess adequate capital to operate the business on a successful basis – Demonstrate sufficient past and/or future earnings to repay the loan – Provide adequate business collateral to assure loan repayment Use Of Funds – Acquisition of real estate (to include land, building, etc.
) – Building construction or improvement – Purchase of machinery or equipment – Working capital Ineligible Use of Funds – If credit is otherwise available on reasonable terms and conditions – If the loan is to solely pay off a loan to another creditor to reduce its risk – A loan for agricultural or speculative purposes – A loan to an enterprise primarily engaged in lending or investing activities or whose principal income is derived from gambling activities – If the loan encourages monopoly, or is inconsistent with the accepted standards of the free competitive enterprise system – If the loan is used to relocate a business from one commuting area to another or inside or outside of a target area Collateral Black Hawk IRP Program loans must be adequately collateralized to assure repayment of the loan.
Personal guaranty(s) generally apply.
Contact InformationBlack Hawk Economic Development, Inc
Address: 3835 W 9th Street
City: Waterloo
State: Iowa
Website:
http://www.bhed.org/irp-program.htm
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