Revolving Loan Fund
Loan applications are reviewed by a committee of local business owners and private lender representation from Ida county on as needed basis. Projects should leverage other funding and financing to the extent possible, as the RLF program cannot compete with bank financing. Documentation from a bank or other conventional lender will be necessary to detail their funding in the project or their inability to provide funding.
At a minimum, all applicants must contribute 10% of the total project cost in cash. Equity in existing or other assets brought into the project may be included towards this requirement with committee approval.
Applicants must demonstrate need for RLF funding (i.e., additional bank financing is not available, other sources are “maxed-out:, etc.).
Applicants must provide documentation that the project is feasible and sound, including (at a minimum) a business plan and financial projections for at least three years in the future.
Projects may be subject to an environmental review and when appropriate, a cultural resources assessment to ensure compliance with local, state, and federal laws and regulations.
The interest rate on loans will vary depending on the current prime rate and the need of the applicant. The interest rate on all loans shall be determined by the loan review committee.
Repayment terms generally require monthly payments, with a maximum loan term of 7 years. Repayment terms will be determined by the loan review committee based on project need and the applicant’s request.
Projects may require personal guarantees from individuals for business entity applicants.
Contact Ida County Economic Development Director Rita Frahm if interested in pursuing an application at 712-371-9438.
Examples of Eligible Applicants
Eligible Applicants include organizations involved in a community or economic development project that creates or saves jobs and/or provides needed community facilities that benefit rural areas. Eligible applicants include corporations, limited liability companies, partnerships, sole proprietorships, cooperatives, and nonprofit entities.
Examples of Eligible Uses:
- Manufacturing machinery and equipment
- Work equipment
In accordance with Federal civil rights law and U.S. Department of Agriculture (USDA) civil rights regulations and policies, the USDA, its Agencies, offices, and employees, and institutions participating in or administering USDA programs are prohibited from discriminating based on race, color, national origin, religion, sex, gender identity (including gender expression), sexual orientation, disability, age, marital status, family/parental status, income derived from a public assistance program, political beliefs, or reprisal or retaliation for prior civil rights activity, in any program or activity conducted or funded by USDA (not all bases apply to all programs). Remedies and complaint filing deadlines vary by program or incident.
Persons with disabilities who require alternative means of communication for program information (e.g., Braille, large print, audiotape, American Sign Language, etc.) should contact the responsible Agency or USDA’s TARGET Center at (202)720-2600 (voice and TTY) or contact USDA through the Federal Relay Service at (800)877-8339. Additionally, program information may be made available in languages other than English.
To file a program discrimination complaint, complete the USDA Program Discrimination Complaint Form, AD-3027, found online at https://www.ascr.usda.gov/sites/default/files/Complain_combined_6_8_12_508_0.pdf(link is external) and at any USDA office or write a letter addressed to USDA and provide in the letter all of the information requested in the form. To request a copy of the complaint form, call (866)632-9992. Submit your completed form or letter to USDA by:
(1) mail: U.S. Department of Agriculture, Office of the Assistant Secretary for Civil Rights, 1400 Independence Avenue, SW, Washington, D.C. 20250-9410;
(2) fax: (202)690-7442; or
(3) email: firstname.lastname@example.org
USDA is an equal opportunity provider, employer, and lender.
200 Moorehead Avenue
Ida Grove, IA 51445