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.
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
• 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 available!
• $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