Monticello Express ? Rural business loan funds available

Limestone Bluffs Resource Conservation and Development (Limestone Bluffs RC&D), is currently accepting new loan applications for the Rural Business Enterprise Revolving Loan (RBERL) program.

The Limestone Bluffs Resource Conservation and Development (RC&D) Area, Inc. administers a Rural Business Enterprise Revolving Loan (RBERL) program targeted towards new or expanding small businesses in Jones, Cedar, Clinton, Delaware, Dubuque, and Jackson counties in Iowa. The Revolving Loan Funds was established through a grant from USDA Rural Development with matching funds from Limestone Bluffs RC&D Area, Inc.

The Rural Business Enterprise Revolving Loan (RBERL) is designed to assist the six eastern Iowa counties included in the Limestone Bluffs Resource Conservation and Development (RC&D) Area, Inc. overcome gaps in local capital markets that inhibit emerging small businesses from obtaining suitable credit and impede economic growth and stability.

The initial use of the RBERL targets communities of less than 5,000 population and the non-incorporated rural areas in Jones Cedar, Clinton, Delaware, Dubuque, Jackson counties in Iowa.

Goals, Eligibility, and Priority for Loans

Limestone Bluffs RC&D will consider RBERL loan applications that result in the creation, retention, and expansion of small businesses in the above six counties based on the following priorities:

? Natural resource based enterprises.

? Value-added or alternative agriculture enterprises.

? Enterprises providing needed facilities and services to low income, under employed, or the elderly.

? Small main street businesses.

Use of Loan Funds

Funds from the Rural Business Enterprise Revolving Loan Program may be used for:

? Acquisition and development of land, easements, and rights-of-way for small and emerging private business startup and expansions.

? Construction, conversion, enlargement, repairs or modernization of buildings, plants, machinery, equipment, access streets and roads, parking areas, utilities, and pollution control and abatement facilities.

? Loans for startup operating costs and working capital.

Funds from the Rural Business Enterprise Revolving Loan Program will not be used to produce agricultural products through growing, cultivation and harvesting either directly or through horizontally integrated livestock operations except for commercial nurseries, greenhouses, or timber operations.

Loan Selection Process

Loan Application forms are available upon request from the Limestone Bluffs RC&D office. Applicants may also request assistance from Limestone Bluffs RC&D in completing application forms. Limestone Bluffs RC&D Area, Inc. can be contacted at:

Limestone Bluffs RC&D Area, Inc. P.O. Box 1056, Maquoketa, IA? 52060-1056; phone, 563-652-5104; e-mail: office@limestonebluffsrcd.org.

A Loan Review Committee will evaluate each application utilizing two analyses. The first analysis shall be concerned with how the project meets the goals and priorities of the program. The second analysis will evaluate the financial aspects of the project and primary beneficiary.

Loan Amount, Rate, Term, and Match

A maximum and minimum loan amount has not been set. However, it is anticipated that most RBERL loans will range from $5,000 to $50,000 The interest rate will typically range from 3 to 5 percent and typically will not exceed prime rate by more than 2 percent. The Loan Committee as defined in the application?s scope of work will determine the interest rate. It is anticipated that the term of most loans will be between two and five years. The maximum term will be five years. If the life of the collateral offered for security is longer than five years an amortized loan can be considered with a balloon at five years. The amount of match (other than RBEL funds) will vary; however, on average Limestone Bluffs RC&D will strive to become involved in projects that are financed as follows:

? At least 10 percent cash or equity by applicant.

? Up to 60 percent by banks or other programs.

? Up to 45 percent by RBEL.

? RBEL funds will not exceed 50 percent of the total funds loaned from all sources.

Limestone Bluffs RC&D has a 20-year history of obtaining substantial backing for our region?s underfunded and overlooked initiatives. Our volunteer Board of Directors consists of three members from each county?s Board of Supervisors, Soil & Water Commissioners and local people and corporate volunteers who share our community passion, mission and goals.

During its 20-year history in Jones, Cedar, Clinton, Delaware, Dubuque, Jackson and Jones counties Limestone Bluffs RC&D has served individuals, start-ups, small businesses, agricultural producers, cities, towns and government entities. If you wish assistance, please send an e-mail to office@limestonebluffsrcd.org or call the office at 563-652-5104.

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