The Iowa Northland Regional Economic Development Commission (INREDC) established a Revolving Loan Fund through grants from the U.S. Dept. of Commerce Economic Development Administration and the Iowa Economic Development Authority. Loans are designed to assist eligible businesses with fixed asset acquisition (including land acquisition), inventory, and working capital needs and are intended to be gap financing for projects that cannot qualify for funding through regular channels.  

Loan Guidelines:

  • Applicants must be located Black Hawk, Bremer, Buchanan, Butler, Chickasaw, or Grundy counties
  • The maximum loan amount is $125,000
  • Interest rates vary based upon the Wall Street Prime Rate
  • Loan length for Working Capital and Inventory: up to 7 years
  • Borrower must show a personal or business equity investment in the project
  • Loans may be secured by a combination of mortgages, security interests in personal property, or guarantees from owners and/or shareholders
  • Davis Bacon restrictions, environmental requirements, and EEOC compliance may apply to the loan
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  • Revolving Loan Fund Brochure
  • Revolving Loan Fund Application Form
  • Revolving Loan Fund Administrative & Operational Plan

Contact us to discuss any project prior to completion of the loan application and to provide additional guidance.

We can help!

Director of Development

Isaiah Corbin

icorbin@inrcog.org