Financial Resources

Below are our  Financial Resources partners
State incentives: https://www.iowaeconomicdevelopment.com/Business

City incentives may also be available

The ECIA Revolving Loan Fund supplies up to $250,000, to purchase fixed assets and targets manufacturing, high tech, and service industries located in Cedar, Clinton, Delaware, Dubuque, and Jackson Counties.The cities of Dubuque and Clinton are excluded.

ECIA Regional Revolving Loan Fund

The ECIA Revolving Loan Fund supplies up to $250,000, to purchase fixed assets and targets manufacturing, high tech, and service industries located in Cedar, Clinton, Delaware, Dubuque, and Jackson Counties.The cities of Dubuque and Clinton are excluded.

Eligible Projects

Fixed-asset acquisition or expansion including:
• Acquisition/installation of machinery or equipment
• Purchase of land and/or construction of new buildings
• Purchase and/or renovation of existing buildings
• Financing of working capital in special situations

Advantage:

Low down payment – as little as 10%. Allows the small business owner to preserve critical working capital
Short term – Flexible (typically 7 years)
Low interest rate – generally 4%

Lending Parameters

$250,000 Maximum project size
1.5% processing fee and legal costs, no servicing fee
Goal of 1 Full Time Equivalent (FTE) position created for each $100,000) lent
Collateral required, lien position may be subordinated to private lender
Personal Guarantee usually required, other security as necessary
Approval of the E.C.I.A. Business Growth, Inc. Board of Directors
Click Here to Download PDF Brochure

Click Here to Download Loan Application

The SBA 504 Loan program is the Small Business Administration’s (SBA) economic development financing program that helps American small businesses grow while benefiting communities through tax base expansion, business growth and job creation. Loans are available for all types of small, for-profit businesses to purchase and/or renovate capital assets including land, buildings, and equipment.

A small business is defined as having net worth under $15 million and net annual profit under $5 million with some exceptions.

Eligible Projects

Fixed-asset acquisition or expansion including:
• Purchase of land and/or construction of new buildings
• Purchase and/or renovation of existing buildings 
• Acquisition/installation of machinery 
• Construction and/or remodeling of buildings on leased land

Advantages

Low down payment – as little as 10%. Allows the small business owner to preserve critical working capital.
Long term – SBA 504 loans are for 10 to 20 years. Because the CDC is in a second lien position, the bank or other lender providing the 50% first line loan is willing to lend for a longer term.
Fixed, low interest rate – The mortgage payment amount is fixed for 10 or 20 years. No worries about the prime lending rate going up. Even with fees and closing costs included in the rate, it is still a low rate for a subordinate mortgage loan, particularly for a small business. The current interest rates are: 20-year, August 2015: 4.51% and 10-year, July 2015: 4.33%.

Lending Parameters

$50,000 minimum loan amount

No maximum project size; $5 million maximum loan amount

If business is a manufacturer or energy-related project, $5.5 million maximum loan amount

Typical 504 Loan Structure

EntityLoan Amount% of ProjectSecurity
Lender$500,00050%1st Deed of Trust
CDC/SBA$400,000+ fees40%2nd Deed of Trust
Borrower$100,00010% 
Total$1,000,000100% 

Click Here to Download PDF Brochure

Click Here to Download Loan Application Checklist

Maquoketa Valley Electric Cooperative (MVEC)

created the Community/Economic Development Revolving Loan Fund (RLF) to improve the quality of life in rural areas by contributing to long-term improvement in the local economy. The RLF is a local funding source with a goal of providing low interest loans to assist with local economic and community development projects.

Maquoketa Valley Electric Cooperative works closely with local, regional and state economic development professionals to ensure our member businesses and potential businesses receive the information and assistance they need to locate, grow and prosper within our service area in east central Iowa. For personal attention to your project, contact Patty Manuel, Director of Business Development, at pmanuel@mvec.coop or 800-927-6068.

Business Support

Through powerful partnerships we can provide assistance with site selection, feasibility studies, business plans, financial packaging, utilities, taxes, regulating, permitting and much more. Visit these sites for more information on some of the resources at our fingertips.

Iowa Source Link (iasourcelink.com)
Iowa Area Development Group (iadg.com)
Prosperity Eastern Iowa (prosperityeasterniowa.org)
Iowa Economic Development Authority (iowaeconomicdevelopment.com)
Central Iowa Power Cooperative (CIPCO.net)
Questline (24 hour Ask-An-Expert Hotline Service) (members.questline.com) Click here for the Questline Brochure
ISU Center for Industrial Research and Service (www.ciras.iastate.edu)

Electric Energy

Maquoketa Valley Electric Cooperative prides itself on reliable service. During the past year, our members were on line 99.99% of the time. When power outages do occur, local linemen and state of the art technology allow us to restore service quickly. As a member-owned cooperative our rates are priced fairly and equitably with a focus on service rather than profit. Margins are returned to member-owners through patronage dividends.