“Access to Capital” Revolving Loan Funds for Entrepreneurship Rand M. Fisher Iowa Area Development Group Community Vitality Center Presentation Entrepreneurship.

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Presentation transcript:

“Access to Capital” Revolving Loan Funds for Entrepreneurship Rand M. Fisher Iowa Area Development Group Community Vitality Center Presentation Entrepreneurship Academy October 20, 2004

CVC Entrepreneurship Academy Introduce Iowa Area Development Group Share IADG’s “RLF Success Story” Present RLF Borrowing Opportunities Explore Iowa’s Vast RLF Resources Presentation Overview

Introduce Iowa Area Development Group Membership Sponsors Mission Strategy Results

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

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

Sponsors

Mission Creating & Sustaining An Economic Development Culture Among Member Utilities

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

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.) 84 USDA awards ($22.8 million) 28 rural revolving loan funds 1,000 plus projects

IADG’s “RLF Success Story” USDA REDG Program USDA IRP Program IADG Partner Participation IADG RLF Landing Statistics

USDA Grant for Revolving Loan Fund RUS Grants to RLF $300,000 Max REC Administered RLF $360,000 REC REC Matches 20% with own funds $60,000 Max

IADG Partner Participation 51 REDG Awards $14,459, Revolving Loan Funds 6 IRP Awards $3,450,000 $3,754,328 of IADG Partner Match 138 REDG & IRP Loans $158 M Investment Leverage 4,270 Job Creation/Retention

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

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

Eligible Uses of Funds Land Purchase Buildings Fixed Assets Machinery & Equipment Infrastructure

Ineligible Uses of Funds Pre-development Costs Refinancing

Loan Terms (Typical) Amounts: Minimum/Maximum $5,000 to $150,000 Rates: 0 to Prime - Ave 4% Terms: Based on Collateral Building10 years Real Estate10 years Equipment5 to 7 years Other Funding: 20% Debt or Equity

RLF Project Lending Manufacturing Service Agricultural Retail Medical Community Facility

Iowa’s Vast RLF Resources Iowa Rural Development Council Survey Results Electronic Data Base

IRDC Survey and Results Preliminary Findings 73 RLF Funds $19 M in Capital Access, Balance, Term & Contact Information ultimately available at: