EDA Cares Act RLF
Economic Development Administration Cares Act Revolving Loan Fund
The EDA Cares Act Revolving Loan Fund supplies up to $500,000 and targets small businesses and revenue generating nonprofits impacted by the COVID-19 pandemic 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, 5-20 years depending on loan purpose
• Low interest rate available!
Lending Parameters
• $500,000 Maximum loan size
• 1.5% processing fee and legal costs, no servicing fee
• Collateral required, lien position may be subordinated to private lender
• Personal Guarantee usually required, other security as necessary
