Loan Programs
Economic Development Administration Revolving Loan Fund
The EDA Revolving Loan Fund supplies up to $250,000, to purchase fixed assets and targets manufacturing, high tech, and service industries located in Cedar, Clinton, Delaware, Dubuque, and Jackson Counties.
Eligible Projects
Fixed-asset acquisition or expansion including:
• Purchase of land and/or construction of new buildings
• Purchase and/or renovation of existing buildings
• Acquisition/installation of machinery or equipment
• Financing of working capital in special situations
Advantages
Low down payment - as little as 10%. Allows the small business owner to preserve critical working capital
Flexible term - flexible, but typically 7 year terms
Low interest rate - generally 4%
Lending Parameters
$250,000 Maximum project size
1.5% processing fee and legal costs, no servicing fee
Goal of 1 Full Time Equivalent (FTE) position created for each $65,000 ($100,000) lent within 2 years
Collateral required, lien position may be subordinated to private lender
Personal Guarantee usually required, other security as necessary
Approval of the E.C.I.A. Business Growth, Inc. Board of Directors
Click Here to Download PDF Brochure
Click Here to Download Loan Application