The Southern Iowa Council of Governments (SICOG) offers a revolving loan fund to assist businesses with financing necessary to retain or create jobs. Established with grant funds from the US Economic Development Administration, this RLF was established in 1987 primarily directed toward industrial businesses to help existing, expanding or new companies with the capital needed to provide employment in Southern Iowa.
We are gratified to have partnered with the area cities and development corporations in the creation of so many jobs and the expansion and improvement taking place all over Southern Iowa and in Clarke County,” said Tim Ostroski, Executive Director of the Southern Iowa Council of Governments. “We have provided over $1 million in business loan support in Clarke County assisting with creating over 550 jobs. This business tool has and will continue to further job growth long into the future.”
Eligible applicants include any existing business, private developer or development group actively involved in economic growth (job creation) in the southern tier of Iowa counties, including Adair, Madison, Adams, Union, Clarke, Taylor, Ringgold and Decatur. While retail businesses aren’t a primary focus of the revolving loan fund, they have benefitted from the RLF’s lower interest rates to grow in Southern Iowa. In Clarke County, SICOG has assisted in revolving loans for businesses such as Paul Mueller Co., Thomas Hall, Inc., Astoria Industries, and Osceola Farm and Home after their recent fire and rebuild.
The revolving loan fund is not meant to be a primary lender and is not wanting to compete with area banks. The idea is to partner with banks to fund growth projects in Clarke County businesses that will create new jobs through expansion or start-ups. The RLF can assist with anything a bank would loan money for, including equipment, real estate, inventory and building improvements and upgrades. The idea behind the revolving loan fund is to provide gap financing to cover what the banks can’t, partnering with area lenders and offering a lower interest rate at approximately 75% of prime.
The goal of the Clarke County Development Corporation in offering these revolving loan funds is to grow business opportunities and available jobs in Clarke County,” said Bill Trickey. “We want to build on our already strong economy and make it easier for new businesses to establish in and around Osceola and for established businesses to expand and create more jobs, bring in more families, and continue the upward trend of growth in Clarke County.”
If you are interested in applying for a Southern Iowa Council of Government revolving loan to start or expand a business in Clarke County, contact Bill Trickey at the Clarke County Development Corporation at (641) 342-2944 or by email at [email protected]