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Community Vitality Center Presentation 2005 Entrepreneurship Academy October 21, 2005. “Accessing Iowa’s Revolving Loan Funds”. Bruce Nuzum Iowa Area Development Group. CVC Entrepreneurship Academy. Introduce Iowa Area Development Group Share IADG’s RLF Success Story Explore Iowa’s RLFs.

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Accessing iowa s revolving loan funds

Community Vitality Center Presentation

2005 Entrepreneurship Academy

October 21, 2005

“Accessing Iowa’s Revolving Loan Funds”

Bruce Nuzum

Iowa Area Development Group


Cvc entrepreneurship academy
CVC Entrepreneurship Academy

  • Introduce Iowa Area Development Group

  • Share IADG’s RLF Success Story

  • Explore Iowa’s RLFs

Presentation Overview


Membership

85 consumer owned utilities

The economic development organization for Iowa Rural Electric Cooperatives & associated Municipal Utilities.


Iowa area development group

“IADG: Powerful Partnerships...

connecting people and resources

to grow businesses and communities

in Iowa!”

IOWA AREA DEVELOPMENT GROUP



Mission

Community & Business

Development

Creating & Sustaining An

Economic Development Culture

Among Member Utilities

#

1

JOB


M

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G

T A

E S

C S

H I

N S

I T

C A

A N

L C

E

R

E

S

E

A

R

C

H

T

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Strategy

Community & Business

Development


Results

Community & Business

Development

  • 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.)

  • 98 USDA awards ($28 million)

  • 31 rural revolving loan funds

  • 1,000 plus projects


Iadg s rlf success story
IADG’s “RLF Success Story”

  • USDA RD REDG Program

  • USDA RD IRP Program

    31 RLFs totaling over $21 million

    • $214 million private investment

    • 5900+ jobs created / retained


Iowa s vast rlf resources
Iowa’s Vast RLF Resources

Who Operates RLFs?

  • Councils of Government

    www.iarcog.com/regions.htm

  • City / County Development Organizations

  • Rural Electric Coops

  • Rural Telcos


Iowa rural development council
Iowa Rural Development Council

RLF Survey & Electronic Data Base

  • Preliminary - 73 RLF Funds

  • Access, Balance, Term & Contact Information ultimately available at:

    www.iowarural.org





Rlf borrowing opportunities
RLF Borrowing Opportunities

Entrepreneur Responsibility

  • Know the RLF

    • Strategy & Priorities

    • Loan Limits & Terms

    • Available Funds

  • Prepare before you Apply

    • Business Plan

    • Cost Estimates

    • Other Sources of Funds


  • Rlf borrowing opportunities1
    RLF Borrowing Opportunities

    • Eligible Applicants

    • Eligible Uses of Funds

    • Ineligible Uses of Funds

    • Loan Terms

    • RLF Project Lending


    Eligible applicants
    Eligible Applicants

    • New or Expanding Private Businesses

    • Local Governments

    • Non-Profit Community Organizations


    Rlf project lending
    RLF Project Lending

    • Manufacturing

    • Service

    • Value Added Agricultural

    • Retail

    • Medical

    • Community Facility


    Eligible uses of funds
    Eligible Uses of Funds

    • Land Purchase

    • Buildings

    • Machinery & Equipment

    • Infrastructure


    Ineligible uses of funds
    Ineligible Uses of Funds

    • Pre-development Costs

    • Refinancing

    • Production Agriculture*

    • Housing**

    *Varies by fund

    **Limits may apply


    Loan terms typical
    Loan Terms (Typical)

    • Amounts: Minimum/Maximum

      $5,000 to $150,000

    • Rates: 0 to Prime - Ave 3 - 4%

    • Terms: Based on Collateral

      Building 10 years

      Real Estate 10 years

      Equipment 5 to 7 years

    • Other Funding: 20 - 50% Equity or other Sources


    Iowa s vast rlf resources1
    Iowa’s Vast RLF Resources

    Who Operates RLFs?

    • Councils of Government

      www.iarcog.com/regions.htm

    • City / County Development Organizations

    • Rural Electric Coops

    • Rural Telcos

      More Info At: www.iowarural.org


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