- info@kcediowa.org
- 112 East Washington Street • Sigourney, IA 52591-1445
KCED offers a variety of business loans and funding opportunities to help you grow or expand your business.
Keokuk County Economic Development (KCED) operates a revolving loan fund for businesses within Keokuk County. If you’re starting a new business or planning to expand your existing business and you need funds to help with your startup costs or your expansion, we offer simple fixed-term loans with an attractive interest rate to help you do that.
The reason it’s called a revolving loan fund is because after each loan is paid off, that money becomes available to be loaned out again to build or expand other businesses. This way, we can keep the money in Keokuk County and continue to help grow our local economy.
If your business is located within Keokuk County, you are eligible to apply. Loans are intended to supplement investments you are already making to assist with startup costs or by providing capital to facilitate growth. You don’t need to be a new business, but you do need to invest in your business, meaning the money should be used for other than general operating funds!
The official description looks like this:
Loans will be given for the creation, retention, and expansion of small private business enterprises based on one or more of the following priorities:
We’re flexible. We aim to do our best to help you secure the financing you need to build your new business or grow and protect your existing business.
There is a $150 non-refundable fee required to apply. The interest rate is currently set at a fixed 4%. Loans typically have a 3 to 5-year term. There’s no minimum funding, but most business owners find that at least $5,000 gives them enough to work with. The maximum allowed loan amount through the RLF program is $50,000.
You do need to be a member, but you can submit your membership card and $100 business membership when you apply for the loan. There’s no minimum time to be a member of KCED to be eligible to apply.
We keep Revolving Loan Fund applications at our 112 East Washington, Sigourney, IA 52591 office. You can also call us at 641-622-2288 or email us at info@kcediowa.org , and we’ll send you a copy of the application form. The application will ask for a description of your project, some basic financials, information on other financing, and other basic information that all funders will ask for.
Your information will be held in strict confidence. The only people who will know you’ve received a loan are the Revolving Loan Fund (RLF) Committee members, administration personnel at KCED, and involved entities such as one of our local banks.
Once you submit your application and the $150 application fee, your application will go to the Revolving Loan Fund Committee. They meet once a month when there are loans to review. They may approve your loan immediately, ask you for more information, or decide that our loan program isn’t a good fit. You will be notified either way.
Once you’ve been approved, we’ll review the loan terms again to ensure the agreement is thoroughly understood. We’ll have the promissory note drawn up, and you’ll sign it. About a week after that, you receive your funds! Then we will set up automatic withdrawals from your designated account for the duration of the loan. Once your loan is paid in full, you’ll receive notice and be eligible for additional loans in the future.
If the RLF Committee decides not to award funds at this time, you will be notified. We will let you know the reason you were declined and if whether there are any other funding sources you might want to access. We want to help!
THIS INSTITUTION IS AN EQUAL OPPORTUNITY PROVIDER AND EMPLOYER.
If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form, found online at http://www.ascr.usda.gov/complaint_filing_cust.html, or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all of the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of Adjudication, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, by fax (202) 690-7442 or email at program.intake@usda.gov.”
The revolving loan fund provides funding for your new or growing business to help with start-up costs or expansion. These are simple fixed-term loans with a low interest rate to help you do what you do best.
641-622-2288
info@kcediowa.org
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