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Accessing Iowa’s Revolving Loan Funds: A Guide for Entrepreneurs

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22 diapositives · 354 Views · Nov 14, 2014

Join Bruce Nuzum from the Iowa Area Development Group as he presents at the 2005 Entrepreneurship Academy on how to access Iowa’s Revolving Loan Funds (RLFs). This session will introduce the Iowa Area Development Group and share their success story of leveraging RLFs to advance economic growth. Attendees will explore the various programs available, including the USDA RD REDG Program and IRP Program, and learn about eligibility, loan terms, and strategies to prepare for applications, ultimately aiding in business and community development across Iowa.

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  1. Community Vitality Center Presentation 2005 Entrepreneurship Academy October 21, 2005 “Accessing Iowa’s Revolving Loan Funds” Bruce Nuzum Iowa Area Development Group

  2. CVC Entrepreneurship Academy • Introduce Iowa Area Development Group • Share IADG’s RLF Success Story • Explore Iowa’s RLFs Presentation Overview

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

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

  5. Sponsors

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

  7. 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 T R A I N I N G Strategy Community & Business Development

  8. 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.) • 98 USDA awards ($28 million) • 31 rural revolving loan funds • 1,000 plus projects

  9. IADG’s “RLF Success Story” • USDA RD REDG Program • USDA RD IRP Program 31 RLFs totaling over $21 million • $214 million private investment • 5900+ jobs created / retained

  10. Iowa’s Vast RLF Resources Who Operates RLFs? • Councils of Government www.iarcog.com/regions.htm • City / County Development Organizations • Rural Electric Coops • Rural Telcos

  11. Iowa Rural Development Council RLF Survey & Electronic Data Base • Preliminary - 73 RLF Funds • Access, Balance, Term & Contact Information ultimately available at: www.iowarural.org

  12. www.iowarural.org

  13. www.iowarural.org

  14. www.iowarural.org

  15. RLF Borrowing Opportunities Entrepreneur Responsibility • Know the RLF • Strategy & Priorities • Loan Limits & Terms • Available Funds • Prepare before you Apply • Business Plan • Cost Estimates • Other Sources of Funds

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

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

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

  19. Eligible Uses of Funds • Land Purchase • Buildings • Machinery & Equipment • Infrastructure

  20. Ineligible Uses of Funds • Pre-development Costs • Refinancing • Production Agriculture* • Housing** *Varies by fund **Limits may apply

  21. Loan Terms (Typical) • Amounts: Minimum/Maximum $5,000 to $150,000 • Rates: 0 to Prime - Ave 3 - 4% • Terms: Based on Collateral Building 10 years Real Estate 10 years Equipment 5 to 7 years • Other Funding: 20 - 50% Equity or other Sources

  22. Iowa’s Vast RLF Resources Who Operates RLFs? • Councils of Government www.iarcog.com/regions.htm • City / County Development Organizations • Rural Electric Coops • Rural Telcos More Info At: www.iowarural.org