Areas Served: Appanoose, Davis, Jefferson, Keokuk, Lucas,
Area 15 RPC offers two revolving loan programs for Iowa businesses in Appanoose, Davis, Jefferson, Keokuk, Lucas, Mahaska, Monroe, Van Buren, Wapello, and Wayne counties.
Self Employment Loan Program Length of Loan
¢ Length of repayment is 5 years.
Interest Rates
¢ Fixed, simple interest rates.
¢ Lower rate than could be obtained from other conventional lenders.
Maximum Loan / Endorsement
¢ The maximum loan amount is $15,000.
¢ The borrower must secure an endorsement for the project from the local Development Corporation.
LOAN PURPOSES Eligible Activities for SELP Loans
¢ Equipment
¢ Machinery
¢ Inventory
¢ Fixtures
¢ Working Capital Eligible Businesses for SELP Loans
¢ Service Industry
¢ Light Manufacturing
¢ New Technologies
¢ Value-Added Agriculture
¢ Agriculture Diversification Ineligible Activities for SELP Loans
¢ Purchase of Real Estate.
¢ Retail businesses will not be financed through SELP.
Regional Economic Development Investments LOAN TERMS Length of Loan
¢ 3 to 5 years for working capital loans.
¢ 5 to 7 years for fixed asset loans.
Interest Rates
¢ Fixed, simple interest rates.
¢ Rates range from 5% to 4 points below the prime lending rate.
Maximum Loan / Collateral
¢ Access $7,500 for each job created or retained, up to a maximum of $150,000.
¢ A minimum of $2 from other sources for every $1 from REDI funds.
LOAN PURPOSES Eligible Activities for REDI Loans
¢ Expand or modernize facilities.
¢ Purchase machinery, equipment, fixtures,and leasehold improvements.
¢ Finance increased receivables and augment working capital.
¢ Construct new commercial buildings.
¢ Purchase existing land and/or buildings.
Ineligible Activities for REDI Loans
¢ Loan guarantees.
¢ Speculative activities (land banking, speculative building, etc.
).
¢ Refinancing existing loans
Contact InformationArea 15 RPC
Address: PO Box 1110
City: Ottumwa
State: Iowa
Website:
http://www.area15rpc.com/economic-development
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