Last updated 3:52AM ET
October 24, 2014
WIUM Local
WIUM Local
Money Available For SE Iowa Businesses
(2011-07-21)
(wium) - The Southeast Iowa Regional Planning Commission manages seven revolving loan funds.

These funds can be used by a start-up business or an establishment looking to expand.

Four of the funds are considered regional so they are open to applicants from Lee, Des Moines, Henry, and Louisa Counties.

The three remaining funds are specifically for Keokuk, Fort Madison, and Henry County.

SEIRPC Assistant Director Jeff Hanan says about 30 businesses have borrowed money from these funds.

He says there is more than $1-million still available to spur economic growth in southeast Iowa.

"We use these funds for gap-financing," says Hanan, "so, for example, they have to have a primary lender that is only willing to fund a certain percentage or certain portion of a project then we come in to help fill the gap."

The maximum amount that can be loaned from one of the regional funds is $125,000.

Hanan says $25,000 is available from Keokuk and Fort Madison's funds while Henry County can provide $50,000.

He says loans tend to be 4%-6% for up to 10 years.

Hanan says interested businesses can reach him at (319) 753-5107.

The funds grow as more businesses repay their loans.

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