Economic Development Fund

If you are currently operating a business, or considering starting a new one, you may want to visit with Region 6 Planning Commission.  We have money to lend to help private businesses in our four-county central-Iowa area grow and add new employees. Loans are available for any commercial, industrial, warehouse, office, professional service or other private economic development need.

Already, several companies have benefited from this program, creating 59 new jobs, saving 30 existing jobs and leveraging $28 million in other funds.  Our goal is to promote economic development throughout the region.

Here are the details and requirements:

• 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.

An application is required.  Please contact Marty Wymore for further details.