ECICOG’s Loan Funds: Funding to Help Businesses Grow
If you are aware of a business that needs help getting off the ground or needs assistance in acquiring a loan to expand, the East Central Iowa Council of Governments (ECICOG) may be able to help. ECICOG not only manages its own revolving loan fund but also administers a variety of local loan programs.
The ECICOG Revolving Loan Fund assists businesses in a six-county region that includes Benton, Iowa Johnson, Jones, Linn and Washington Counties. The loan fund has more than $2 million available to loan out to foster new and existing business growth and development, with a maximum individual loan amount of $250,000.
ECICOG’s revolving loan fund has provided more than $4.6 million in loans to 31 businesses in ECICOG’s region. These loans have leveraged an additional $27 million in matching loans and have helped to support jobs and economic growth in our region.
The local loan programs ECICOG administers include the Cedar Rapids Revolving Loan Fund, which serves businesses in the corporate limits of Cedar Rapids or those that are in or are relocating to the 2008 flood inundation zone and are looking for a loan of up to $50,000; the Czech Village/New Bohemia Revolving Loan Fund, which serves new and existing businesses within the Main Street District that are looking for a loan of up to $25,000; and the newest loan program ECICOG will be administering, MICRO, which provides smaller loans of up to $10,000 to businesses in the Cedar Rapids city limits.
All the revolving loan funds, excluding the MICRO loan program, serve as gap financing for proposals, where a local lender serves as the primary source of funding.
Learn more about the various loans ECICOG administers and how we can help your local businesses thrive by visiting www.ecicog.org/revolving-loan-funds or contact Robyn Jacobson at 319-365-9941 ext. 134 or [email protected]. If you are not in the ECICOG region, you can also contact your local Council of Government office for information on potential funding opportunities in your area at www.iarcog.com/FindCOG.htm.
Robyn Jacobson, East Central Iowa Council of Governments