Wednesday afternoon, the U.S. Secretary of Commerce, Wilbur Ross, announced $13.1 million was being distributed across Iowa for COVID-19 business recovery. The Economic Development Administration (EDA) identified 10 investments for the CARES Act Recovery Assistance program administration of Revolving Loan Funds (RLF). This includes Region XII Council of Governments. Executive Director, Rick Hunsaker, says they heard this was a possibility a few months ago and are thrilled with a $2 million award. The news came at Hunsaker from several different directions.
Region XII has an existing RLF, and this will be in addition to that effort.
The RLFs are going to be helpful to a variety of businesses in the six-county service area of Carroll, Audubon, Crawford, Greene, Guthrie and Sac Counties.
Hunsaker says there is a good deal of need in the region.
The largest loan amount they can make is $460,000. Hunsaker stresses this is in addition to their regular RLF. The approval process will be much like a traditional loan. Organizations will need to provide a business plan and Region XII will work closely with the Small Business Development Center (SBDC) to assist. According to Hunsaker, they will likely need additional documentation if the company has received other types of emergency funding.
Contact details on how to get more information or to apply for a loan can be found below. Mid-Iowa Development Association Council of Governments in Fort Dodge will also be receiving funding. The $550,000 grant proceeds will be distributed in that region, which includes Calhoun County.
For more information or to apply:
Phone: 712-792-9914 ask to speak with Tami Lehmann