If you are currently operating a business or considering starting a business in Hardin, Marshall, Poweshiek, or Tama County, visit with the Region 6 Planning Commission about financial assistance for which you may qualify. The Region 6 Planning Commission provides loans to qualified professional services, commercial establishments, or industrial businesses in the region. Other private economic development needs may be accommodated upon review.
The details and requirements for financial assistance are below:
- The primary lender (your bank or other financial institution) must indicate in writing that they will not finance the project without Region 6 assistance.
- Two-thirds (67%) of your project must be financed from sources other than Region 6.
- You will pay only a low interest rate on borrowed money. Maximum loan term is 10 years.
- Ten percent project equity is required.
- Minimum loan amount is $10,000 and maximum is $75,000.
- You are required to pay 1.5% of the loan amount as an application fee at closing.
- You must create at least 1 job for every $10,000 of Region 6 funds loaned.
- You are required to submit semi-annual job and financial data for the loan term.
- There are no wage or benefit requirements.
- A Region 6 loan review committee reviews applications, when received. Applicants may need to appear before the committee.
Already, several companies have benefited from this program, creating 59 new jobs, saving 30 existing jobs and leveraging $28 million in other funds. It is the Region 6 Planning Commission’s goal to promote economic development throughout the region.
An application is required for review and approval. Download the application below or in the Online Library in “Forms, Applications, and Brochures.” If you would like more information, contact our Executive Director, Marty Wymore, by phone or email. Call (641) 752-0717 or toll free at 1-800-417-4699. He can be reached by email at email@example.com.