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Siouxland Economic Development Corp. (SEDC) Revolving Loan Fund
Loan fund providing $100,000 or 25% of total project costs, whichever is less. The proceeds can be used for capital or fixed assets. The term is based on collateral available and the rate is 2% below that of the participating lender.
Siouxland Economic Development Corp. (SEDC) Micro Loan Fund
Loan fund providing up to $35,000 which can be used for working capital, equipment, inventory, supplies, furniture, fixtures, leasehold improvements, and machinery. The rate is fixed currently at 10% for a maximum term of 6 years.
SEDC/SBA 504 Loan Program
Up to $1,500,000 ($2,000,000 in certain situations) or 40% of the eligible project costs, whichever is less. Certain manufacturers are eligible for up to $4,000,000. Proceeds may be used only for Fixed assets. The interest rate is 1 1/2% above the 5 and 10 year treasury notes on the SBA portion and the term is 10 or 20 years based on the life of the asset. A typical loan will have a first mortgage of 50%, a 504 debt of 40% and equity of 10%. A one-time fee applies and can be faineanced as part of the loan.
Downtown Partners Revolving Loan Fund
Revolving loan fund providing up to $10,000 or 50% of project costs as gap financing to businesses located within Sioux City’s downtown district.
Downtown Partners Façade Improvement Program
Grants for the rehabilitation of building façades within the downtown district are available from Downtown Partners. Eligible improvements include storefront replacement, façade reconstruction, awnings, signing and permanent landscaping. Grants are available for one-half the cost the improvements up to a maximum of $3,000. Contact Downtown Partners at 712-252-0014 for more information.
Small Business Development Center
The Small Business Development Center, hosted at Western Iowa Tech Community College, conducts research, counsels, and trains business people in management, financing, and operating small businesses, and provides comprehensive information services and access to experts in a variety of fields. Each SBDC encourages unique local efforts, region to region, state to state, and community to community to meet small business needs in its area.
Mid-American EnergyMid American Energy offers a unique energy efficiency program which provides rebates for building with efficient products including windows, HVAC systems, and other mechanical infrastructure. For larger projects, the rebates and energy savings derived from the efficient building methods have made the difference in the site selection process for many companies.
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