Financing Available: $100,000 or 25% of Total Project Costs (the lesser)
Use of Loan Proceeds: Working Capital and/or Fixed Assets
Term of Loan: Term based upon collateral offered
Rate of Interest: 2% below primary lender's rate
Downpayment: At least 10%
25% financed by RLF (2nd Security Position)
10% financed by Equity Injection
Collateral: Lien on Project Assets or Other Assets as negotiated.
Subordinate only to Primary Lender.
Guarantees: Corporate Guarantee required on personal loans.
Personal Guaranty required on corporate loans.
Eligible Businesses: Same as SBA requirements.
Area of Operation: Cherokee, Ida, Monona, Plymouth, Sioux, and Woodbury counties in Iowa; Cedar, Dakota, Dixon, and Knox counties in Nebraska; Union and Clay counties in South Dakota.
Job Creation Criteria: The project must create or retain jobs.
Wages paid will also be evaluated.
Fees:
Processing Fee: one-time fee of 1% of RLF loan
Servicing Fee: annual fee of 1/2% of declining RLF balance
Closing Costs are responsibility of Borrower.
Contact:
Siouxland Economic Development Corporation (SEDC)
1106 Historic 4th Street, Suite 201
Sioux City, Iowa 51101
Phone 712-279-6430
Email sedc@siouxlandedc.com
This institution is an Equal Opportunity Provider.