Areas Served: Buchanan, Fayette, Bremer, Black Hawk, Benton, Linn
The East Central Iowa REC Revolving Loan Fund is a local funding source with a goal of providing low interest loans to businesses in the Iowa Counties of Buchanan, Fayette, Bremer, Black Hawk, Benton, Linn Delaware, Clayton, Tama, Iowa and Johnson to assist with local economic and community development projects.
Business owners who are members of ECI REC may be eligible for a loan through the ECI REC revolving loan fund.
Eligible projects for loans can include any community or economic development project that benefits the rural area, such as new or expanding private business, non-profits groups, and city or county governments.
Loan recipients are not required to take electricity service from East-Central Iowa Rural Electric Cooperative.
Eligible projects for loans can include any community or economic development project that benefits the rural area.
Loan recipients may be: New or expanding private businesses – Not-for-profit entities – City or county governments Eligible Uses of funds – Land purchases – Machinery & equipment – Fixed assets – Buildings Ineligible Uses of Funds – Speculation land purchases – Payments to owners or equity investors – Debt refinancing – Projects which lack economic development potential Minimum loan amount $25,000. Maximum loan amount $396,000. Interest rates vary from 0% to Prime Rate depending on the financial need of the project and its benefits to the rural area.
Maximum loan term is 10 years, length based on collateral offered by applicant.
Contact InformationEast Central Iowa REC
Address: 2400 Bing Miller Lane
City: Urbana
State: Iowa
Website:
http://www.ecirec.coop/content.php?id=86&loc=6&parent=36
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