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WHO IS ELIGIBLE TO BORROW?

Applicants must be creating new jobs in our six county region. Must have a bank turn down letter.

  • Profit and Nonprofit Businesses

  • Start-up Businesses

  • Expanding Businesses

**All require job retention or job creation and location in the six-county region served by ECICOG: Benton, Iowa, Johnson, Jones, Linn and Washington Counties.

HOW MUCH CAN I BORROW?

  • $25,000 to $500,000 Although the maximum loan is $500,000, the average loan award is $100,000.

WHAT IS THE INTEREST RATE?

Three tiered interest rate. This can range from .5 below prime interest rate or 1-2% above interest rate depending on level of risk.

WHAT ARE THE TERMS FOR BORROWING FROM THE REVOLVING LOAN FUND?

  • FFE & Machinery: From five to seven years

  • Working Capital: From one to five years

  • Purchase of Real Estate: Up to ten years

ARE THERE ANY FEES?

There are no fees for the application process. If your application is funded, there is a 2% closing fee that cannot be rolled into the loan.

WHAT FACTORS DOES THE REVOLVING LOAN FUND COMMITEE CONSIDER IN MAKING A LOAN DECISION?

  • Job Creation

  • Cash Flow

  • Equity (or other money involved)

  • Credit Score

  • Collateral

  • Character/Capability/Commitment

  • Past Operating Performance (if an existing business); Pro Forma (for new business)

  • Extra points added to the risk matrix for being rural (outside of our two metro areas), Targeted small business (TSB) certified, and in an Underserved/Distressed area (FFIEC mapping)

WHAT OTHER REGULATIONS APPLY TO THESE FUNDS?

Applications for the purchase of real estate will be considered on a case-by-case basis. Any required environmental review/Section 106 review must be submitted with the application.

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Any specialized installation over $2,000 will require a Davis-Bacon wage determination.

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Contact ECICOG for additional information about these and other regulations.

WHAT IS THE PROCESS AND HOW LONG DOES IT TAKE?

 

Fill out application by the end of the month; application will be reviewed the following month by the Revolving Loan Fund Committee. Applicant is required to present the application to the committee.

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The RLF committee either denies the application or recommends funding to the ECICOG Board of Directors. The Board will officially approve or deny the application. This happens a week after the RLF Committee makes its recommendation.

Most application time frames from submittal of the application to closing time frames are 30-45 days.

WHO DO I CONTACT TO GET AN APPLICATION

You may phone the RLF administrator at (319) 289-0069 or email robyn.jacobson@ecicog.org.

WHO HAS FINAL APPROVAL OF THE LOAN?

The ECICOG Board of Directors has final approval of all ECICOG loans.

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What's Next Overview
Questions to Ask
Before You Apply
What's Next FAQs
What's Next FAQs: Spanish
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If you've completed the pre-application requirements, you're ready to apply. 

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FIND AN ANSWER TO ALL OF YOUR QUESTIONS

From big to small, all of your questions will be answered. Now is the time to dive in and begin the process of applying for your Revolving Loan Fund with ECICOG.

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