By CBJ News Staff
The East Central Iowa Council of Governments (ECICOG) has been awarded $4.25 million for the Business Assistance Revolving Loan Fund (RLF) as part of the U.S. Economic Development Administration’s (EDA) CARES Act Recovery Assistance.
This award will effectively double the size of the revolving loan program and allow ECICOG to provide more financing assistance to businesses as they navigate the COVID-19 pandemic.
Any new or expanding business in Benton, Iowa, Johnson, Jones, Linn or Washington county can apply for funds through the fund, which has adopted policies designed to help local businesses during the pandemic, including new lower interest rates of 0-2%. Businesses can apply for up to $500,000 and do not need a credit rejection letter. Eligible expenses include equipment or machinery, real estate or working capital.
Since its inception, ECICOG’s Business Assistance Revolving Loan Fund has written 85 loans totaling almost $11 million to 61 local businesses in Eastern Iowa. More information about the revolving loan program and how to apply can be found at www.ecicog.org. CBJ