Region XII Council of Governments was able to utilize $1.84 million in revolving loan funds through the Economic Development Authorities CARES Act Recovery Assistance. This money was distributed as loans throughout the six-county service area of Carroll, Audubon, Crawford, Greene, Guthrie and Sac Counties. The money was used to assist with 12 local business start-ups or expansions from Main Street businesses to manufacturers. The projects leveraged over $2 million in private funds and are estimated to create or retain at minimum 70 jobs. Though these loan funds are all allocated, there is still $1.5 million available in various other funding opportunities. The Revolving Loan Fund (RLF) can help with the purchase of land, aid with a business expansion, construction or renovation, with the purchase of equipment or for inventory or working capital. This gap financing option requires businesses to obtain other financing before applying to the RLF. Since there is a focus on job creation and/or retention, details on how their proposed use of the funds will accomplish this goal must be included. More information is available through the contact points below.
For more information, contact Tami Lehmann:
Link to fact sheet and program guidelines: http://www.region12cog.org/wp-content/uploads/2021/04/2020-Region-XII-RLF-Handout-2021.pdf