Revolving Loan Program

The Mahaska County Revolving Loan Fund provides low-interest loans to assist industries and businesses that desire to locate, expand, or diversity their business in Mahaska County.

To be considered for a revolving loan, the new project should focus on job creation and preservation and bringing positive change to the local economy and community. Special consideration will be given to those applying for a loan as a manufacturer or industry type business as apposed to those who are in the retail/service type business. The loan terms and interest rates are negotiated with at the time of the application, but typically run 2-3% lower that the primary lender with a 5-7 year payback. The loan amount is not to exceed the amount of funds on hand in the revolving loan funds and can not be more than 20% of the final project. Applicants are encouraged to get 70% financing from a main lender and put in 10% of their own equity. The loan amount can not be more that $15,000 per job created or retained. To see if you qualify for a Mahaska County Revolving Loan, look at the checklist below. If you can answer "yes" to the questions below, print off the application guidelines and the application itself and call Deann DeGroot at (641) 672-2591 with any questions.

Here are our eligible activities that may be utilized:

  1. Acquisition of land or buildings.
  2. Building construction or renovation.
  3. Machinery and equipment purchases.
  4. Consultant/attorney fees related to the project.
  5. Site preparation.
  6. Infrastructure improvements (water, sewer, roads, etc.) related to the project.
  7. Training costs associated with the hiring of new employees or retraining of existing employees as a direct result of the proposed project, provided?
    1. The business/industry can show that adequate training funds can not be obtained through other programs, or;
    2. The business/industry waives its right to pursue funds from other job training programs.
  8. Startup inventory
  9. Fees associated with the filing of legal documents related to loans made from the fund.

Checklist

____ 1. You are a manufacturer/industry type business.
____ 2. You will be expanding your business by creating new jobs, adding additional jobs and/or new development.
____ 3. You can get 70% financing from a main lender for your project.
____ 4. You can invest 10% of your own equity into your project.
____ 5. You are located within Mahaska County.
____ 6. Your business is not a hotel, motel, tourist home, convention center, restaurant, tourist attraction, recreation or amusement center, golf course, race track, gambling facility, or any illegal activity.

If you can answer "yes" to the questions stated above you may qualify for the Mahaska County Revolving Loan Fund Program. Read through the guidelines carefully and begin filling out the application.

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