Overview: The Poweshiek Iowa Development (Pow I-80) Revolving Loan Fund (RLF) provides small businesses access to capital as part of a broader financing plan that includes the participation of local financial institutions. Applicants must demonstrate to the PowI-80 RLF Screening Committee that they are viable, prepared, and have some cash to put into the small business start up or expansion.
Eligibility: The Pow I-80 RLF loan must be physically located within Poweshiek County, Iowa. The program is available to owners of existing businesses or start-ups in Poweshiek County. Those businesses can be industrial, commercial, service, retail or agricultural (excluding farm operations). The applicant must have at least 10% equity outside of bank financing.
Eligible Use of Funds: The PowI-80 RLF can be used for property acquisition, building construction or improvement, repairs or modernization of buildings including façade repairs, machinery, parking areas, equipment purchases or working capital. The business must employ 50 or fewer employees and have less than $1 million in projected gross revenues. The business must be 51% ownership by a legal US citizen or non-residents who reside in the US and have been legally admitted for permanent residence. The goal is to create or retain jobs with the loan fund. Typically at least one full-time job with each $10,000 is considered.
Ineligible Use of Funds: Pow I-80 RLF funds may not be used to pay off a loan to another creditor, to relocate a business within Poweshiek County, or to support purely speculative ventures or businesses related to the gaming industry. Sources of Funding: The Pow I-80 RLF is being seeded through charitable contributions from local industry, development organizations, utilities, municipalities, and a grant from USDA Rural Development.
for more information on the Revolving Loan Fund.
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 firstname.lastname@example.org.