1. O’Brien County Revolving Loan Fund Investing in our County’s Future

2. Who are we 8 communities in NW Iowa Archer, Calumet, Hartley, Paullina, Primghar, and Sutherland, Sheldon, Sanborn Population – 15,000

3. Where we are

4. Establishing the fund When - In 1989 OCEDC started planning the O'Brien County Revolving Loan Fund Purpose - to further the public purpose of economic development Outcome - the creation of new jobs and income, or the retention of existing jobs and income that would otherwise be lost.

5. Initial Funding Initial funding for the revolving loan fund was through contributions made from each of the 8 communities in O’Brien County and the O’Brien County Board of Supervisors. Contributions were established on a per capita source based on a 1980 consensus

6. Beginning Balance 4 years after the initial plan was set in motion, the RLF was first operational in April of 1993 with a beginning fund balance of $60,711.91

7. Review Process Applications to the IRP program will be reviewed by the Revolving Loan Fund Program committee facilitated by the O’Brien County Economic Development Corporation. This committee is comprised of 6 financial lenders within the county:

8. Lending Limits The RLF fund is for GAP Financing Total O’Brien County RLF funds requested should not exceed 33.333% of the total projects costs with a maximum loan per project of $100,000

9. RLF uses or purposes Revolving Loan funds may be used for the following: Land Purchases Building Purchases Building Construction Machinery Purchases Equipment Purchases Any other uses deemed appropriate by the RL Committee

10. Terms Typically the review committee approves a 10 year amortization with a 5 year balloon. Applicants can request interest only payments for the first 3-6 months, typically during the construction phase.

11. Collateral Requirements O’Brien County maintains at least a second position on realty, personal guarantee or intangibles in an amount equal to the loan.

12. Value of loan position Hotel Lender had 1 st OCEDC had 2 nd Lender borrowed more money and took 3 rd Bank Forecloses OCEDC received our payoff in full

13. Application Costs: A $50.00 application fee payable to the O’Brien County Economic Development Corporation, must accompany the completed application. The applicant must pay any loan documentation costs. A 1% loan application fee will be due upon closing.

14. Current Portfolio Balance This fund has increased to a current loan portfolio in excess of $500,000.00.

15. Funding Sources The O’Brien County Board of Supervisors annually contribute to the Revolving Loan Fund in the amount of $50,000.00

16. Exhausted Funds In 2005 our RLF account was depleted and we saw the need to seek additional funding. An IRP application to the USDA was submitted and approved in the amount of $500,000.00

17. IRP Award January 2006

18. IRP Balance IRP funds were received October 2006. Out of this funding we have already loaned out $300,000 and currently we are waiting for 2 applications to be submitted to the RLF Committee.

19. Bogenrief Studio’s Sutherland, Iowa Stained Glass Artist

20. DK Plastics Archer, Iowa Plastic manufacturer

21. Deluxe Feeds Midwest EnRG Flakes Sheldon, Iowa

22. Pizza Ranch Sheldon, Iowa

23. Hammersmark Books Hartley, Iowa Independent publisher specializing in innovative agriculture and commodities topics.

24. ND Millwerk Salvage & Sales Paullina Iowa Vintage pieces from the 1890's thru the 1930's

25. Hartog Elevator Sanborn, Iowa

26. Success Rate OCEDC has assisted 14 applicants Funded a total of $633,797.38 2 applicants have defaulted at a total amount of $119,096.33 Success rate of approximately 81%

27. Contact Information Kiana Johnson Executive Director O’Brien County Economic Development P.O. Box 616 Primghar, IA 51245 712-957-1313 ocedc@tcaexpress.net