CADCO has money available. This money comes in the form of an RBEG or REDLG loan.
The RBEG is a revolving loan fund available to small and emerging private businesses in Cass County, and is intended to be used in addition to a loan from another institution. In order to qualify, the business must have fewer than 50 employees and less than $1 million in revenue.
A loan committee will handle applications. The loan committee’s guidelines include making $10,000 available for each job created. The interest rate is low, and will be determined by the loan committee.
Rural Economic Development Loan and Grant Program (REDLG)
The REDLG loan is also a loan fund and is available for larger projects. This is similar to the RBEG loan in that it needs to be a loan in addition to another institution. This loan is available through the local municipal utility, but it is currently administered through CADCO.
For questions please contact Russ Joyce.
To apply for these loan funds, a complete business plan and application must be turned into the CADCO office.Download RBEG-Application.doc
Southwest Iowa Planning and Council
Southwest Iowa Planning Council established the business Revolving Loan Fund in 2009 to assist new and existing businesses in Cass, Fremont, Harrison, Montgomery, Page, and Shelby Counties create and retain jobs. These RLF dollars may be used in conjunction with local lenders, to provide gap financing, or to serve businesses that have otherwise been turned down from a financial institution.
For more information please contact SWIPCO at 1-866-279-4720.
GROW IOWA provides low-interest financing for business starts, expansions and other community development projects. They work in conjunction with local and regional banks to increase small business and industry lending by providing additional, flexible credit helping the borrower fit the bank’s underwriting criteria. Grow Iowa can finance most business and industry needs in the region with the exception of production agriculture.
- Up to 50% of the project can be financed through Grow Iowa (max. loan $250,000). Remaining project costs are most often financed through a commercial lending institution.
- Applicants must provide a portion of the project cost as equity through personal resources or grant funds.
- Loan terms up to 10 years, depending on project and collateral; Interest rate – variable, adjusted annually, currently at 3%.