Revolving Loan Funds
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Air Control Inc., Clinton, IA |
Revolving Loan Funds are targeted primarily to manufacturers for the purchase of equipment. The objective of the RLF’s are private sector job creation and capital formation for expansion or start-up projects. Features include below market interest rates, filling financial gaps, and leveraging private sector funds. There are four revolving loan funds operated by ECIA Business Growth:
- ECIA Regional Revolving Loan Fund
- EDA Revolving Loan Fund
- Dubuque County Intermediary Revolving Loan Fund
- Jackson County Revolving Loan Fund
Eligibility
- Business owner must be a US citizen or resident alien with a green card
- ECIA and EDA funds are available to any business in the five-county region
- Jackson County Fund is reserved for businesses in Jackson County
- Dubuque County Fund is for businesses within the County but outside the City of Dubuque
- Dubuque County requires the starting wage of new jobs to be at 75% of the average county wage
- Financing of speculative buildings is allowed under the Dubuque County Fund
Loan Amounts
- Minimum: flexible at $50,000
- Maximum: $250,000
Uses of Loan Proceeds
- Acquisition of machinery and equipment
Advantages
- Below market interest rates
- Provides gap financing
- Matches term of loan to life of assets being financed
- Meets local match dollar requirement for IDED funding
- Creates jobs and wealth
- Can be combined with other loan programs like SBA 504
Recently Approved Projects
Since 1983, approximately 96 RLF loans have been approved representing financing of over $13,232,533 and resulting in the creation or retention of over 4,344 jobs.
- $179,000 to Carlisle Ryan Digital Services, Inc. of Dubuque
- $187,500 to Kalot Industries, Inc. of DeWitt
- $187,500 to Summit Building Systems, Inc. of DeWitt
- $255,000 to Eagle Tool Company, Inc. of Dyersville
$809,000 Total for 2005-2006