Areas Served: Cherokee, Ida, Monona, Plymouth, Sioux, and Woodbury counties in Iowa; Dakota and Dixon counties in Nebraska; Union and Clay counties in South Dakota
Financing Available: $100,000 or 25% of Total Project Costs (the lesser of) for projects that create/retain jobs.
$40,000 or 25% for projects with lower or no job creation/retention.
Use of Loan Proceeds: Working Capital and/or Fixed Assets Term of Loan: Term based upon collateral offered Rate of Interest: 2% below primary lender’s rate Downpayment: Typically a minimum of 10% Typical Structure: 65% financed by Private Lender (1st Security Position) 25% financed by RLF (2nd Security Position) 10% financed by Equity Injection How Long Does It Take: SEDC Board Meets on the Third Wednesday of each month.
Only complete applications can be processed.
Typically a credit decision can be made within 3 weeks after the first Wednesday (date applications are due) of each month Collateral: Lien on Project Assets or Other Assets as negotiated.
Subordinate only to Primary Lender.
Guarantees: Corporate Guarantee required on personal loans.
Personal Guaranty required on corporate loans.
Eligible Businesses: Businesses operating for profit.
Area of Operation: Cherokee, Ida, Monona, Plymouth, Sioux, and Woodbury counties in Iowa; Cedar, Dakota, Dixon, and Knox counties in Nebraska; Union and Clay counties in South Dakota.
Adjacent counties may also be eligible.
Call SEDC for confirmation.
Job Creation Criteria: The project must create or retain jobs.
Wages paid will also be evaluated.
Fees: Processing Fee: one-time fee of 1% of RLF loan Servicing Fee: annual fee of 1/2% of declining RLF balance Closing Costs are responsibility of Borrower.
Contact InformationSiouxland Economic Development Corporatio
Address: 1106 Historic 4th St
City: Sioux City
State: Iowa
Website:
http://www.siouxlandedc.com/
Leave a Reply