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“Access to Capital”

“Access to Capital”

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“Access to Capital”

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  1. Community Vitality Center Presentation Entrepreneurship Academy October 20, 2004 “Access to Capital” Revolving Loan Funds for Entrepreneurship Rand M. Fisher Iowa Area Development Group

  2. CVC Entrepreneurship Academy • Introduce Iowa Area Development Group • Share IADG’s “RLF Success Story” • Present RLF Borrowing Opportunities • Explore Iowa’s Vast RLF Resources Presentation Overview

  3. Introduce Iowa Area Development Group • Membership • Sponsors • Mission • Strategy • Results

  4. “IADG: Powerful Partnerships... connecting people and resources to grow businesses and communities in Iowa!” IOWA AREA DEVELOPMENT GROUP Community Foundation

  5. Membership 85 consumer owned utilities The economic development organization for Iowa Rural Electric Cooperatives & associated Municipal Utilities.

  6. Sponsors

  7. Mission Community & Business Development Creating & Sustaining An Economic Development Culture Among Member Utilities # 1 JOB

  8. M A R K E T I N G T A E S C S H I N S I T C A A N L C E R E S E A R C H Strategy Community & Business Development T R A I N I N G

  9. Results Community & Business Development • 507% increase in C&I power sales • 388% increase in C&I revenues • 73 industrial parks (5,385 shovel ready acres) • 56 speculative buildings (1.5 M sq. ft.) • 84 USDA awards ($22.8 million) • 28 rural revolving loan funds • 1,000 plus projects

  10. IADG’s “RLF Success Story” • USDA REDG Program • USDA IRP Program • IADG Partner Participation • IADG RLF Landing Statistics

  11. USDA Grant for Revolving Loan Fund RUS Grants to RLF $300,000 Max REC Administered RLF $360,000 REC Matches 20% with own funds $60,000 Max REC

  12. IADG Partner Participation • 51 REDG Awards $14,459,144 28 Revolving Loan Funds • 6 IRP Awards $3,450,000 • $3,754,328 of IADG Partner Match • 138 REDG & IRP Loans $158 M Investment Leverage 4,270 Job Creation/Retention

  13. RLF Borrowing Opportunities • Eligible Applicants • Eligible Uses of Funds • Ineligible Uses of Funds • Loan Terms • RLF Project Lending

  14. Eligible Applicants • New or Expanding Private Businesses • Local Governments • Non-Profit Community Organizations

  15. Eligible Uses of Funds • Land Purchase • Buildings • Fixed Assets • Machinery & Equipment • Infrastructure

  16. Ineligible Uses of Funds • Pre-development Costs • Refinancing

  17. Loan Terms (Typical) • Amounts: Minimum/Maximum $5,000 to $150,000 • Rates: 0 to Prime - Ave 4% • Terms: Based on Collateral Building 10 years Real Estate 10 years Equipment 5 to 7 years • Other Funding: 20% Debt or Equity

  18. RLF Project Lending • Manufacturing • Service • Agricultural • Retail • Medical • Community Facility

  19. Iowa’s Vast RLF Resources • Iowa Rural Development Council Survey • Results • Electronic Data Base

  20. IRDC Survey and Results Preliminary Findings • 73 RLF Funds • $19 M in Capital • Access, Balance, Term & Contact Information ultimately available at: www.iowarural.org