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“Accessing Iowa’s Revolving Loan Funds” Bruce Nuzum Iowa Area Development Group Community Vitality Center Presentation 2005 Entrepreneurship Academy October.

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Presentation on theme: "“Accessing Iowa’s Revolving Loan Funds” Bruce Nuzum Iowa Area Development Group Community Vitality Center Presentation 2005 Entrepreneurship Academy October."— Presentation transcript:

1 “Accessing Iowa’s Revolving Loan Funds” Bruce Nuzum Iowa Area Development Group Community Vitality Center Presentation 2005 Entrepreneurship Academy October 21, 2005

2 CVC Entrepreneurship Academy Introduce Iowa Area Development Group Share IADG’s RLF Success Story Explore Iowa’s RLFs Presentation Overview

3 The economic development organization for Iowa Rural Electric Cooperatives & associated Municipal Utilities. Membership 85 consumer owned utilities

4 IOWA AREA DEVELOPMENT GROUP “IADG: Powerful Partnerships... connecting people and resources to grow businesses and communities in Iowa!”

5 Sponsors

6 Mission Creating & Sustaining An Economic Development Culture Among Member Utilities

7 Strategy TRAININGTRAINING RESEARCHRESEARCH T A E S C S H I N S I T C A A N L C E MARKETINGMARKETING

8 Results 507% increase in C&I power sales 388% increase in C&I revenues 73 industrial parks (5,385 shovel ready acres) 56 speculative buildings (1.5 M sq. ft.) 98 USDA awards ($28 million) 31 rural revolving loan funds 1,000 plus projects

9 IADG’s “RLF Success Story” USDA RD REDG Program USDA RD IRP Program 31 RLFs totaling over $21 million –$214 million private investment –5900+ jobs created / retained

10 Iowa’s Vast RLF Resources Who Operates RLFs? Councils of Government www. iarcog.com/regions.htm City / County Development Organizations Rural Electric Coops Rural Telcos

11 Iowa Rural Development Council RLF Survey & Electronic Data Base –Preliminary - 73 RLF Funds –Access, Balance, Term & Contact Information ultimately available at:

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15 RLF Borrowing Opportunities Entrepreneur Responsibility Know the RLF Strategy & Priorities Loan Limits & Terms Available Funds Prepare before you Apply Business Plan Cost Estimates Other Sources of Funds

16 RLF Borrowing Opportunities Eligible Applicants Eligible Uses of Funds Ineligible Uses of Funds Loan Terms RLF Project Lending

17 Eligible Applicants New or Expanding Private Businesses Local Governments Non-Profit Community Organizations

18 RLF Project Lending Manufacturing Service Value Added Agricultural Retail Medical Community Facility

19 Eligible Uses of Funds Land Purchase Buildings Machinery & Equipment Infrastructure

20 Ineligible Uses of Funds Pre-development Costs Refinancing Production Agriculture* Housing** *Varies by fund **Limits may apply

21 Loan Terms (Typical) Amounts: Minimum/Maximum $5,000 to $150,000 Rates: 0 to Prime - Ave 3 - 4% Terms: Based on Collateral Building10 years Real Estate10 years Equipment5 to 7 years Other Funding: % Equity or other Sources

22 Iowa’s Vast RLF Resources Who Operates RLFs? Councils of Government www. iarcog.com/regions.htm City / County Development Organizations Rural Electric Coops Rural Telcos More Info At:


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