The Eagle Grove Community Development Corporation Revolving Loan Fund (“RLF”) is a pool of money, given to the CDC from the USDA, from which loans can be made to businesses. The loan fund is designed to provide gap or incentive financing to assist “for-profit” businesses that are starting, expanding or improving their business. The loan fund is not a primary source of capital for development projects and is not intended to compete with local banks.
The Loan Fund Committee will be controlled by a local committee with loan decision-making responsibility. Decisions will be based on pre-determined requirements and a review of a standard loan application. With a goal of stimulating the economic development, the loan program provides new, attractive financing that has not previously been available in Eagle Grove.

Financial Assistance from the RLF shall be used in conjunction with the owner’s equity, commercial loan and state assistance for the following.
*Real property acquisition
*Real property construction &rehabilitation or improvements
*Purchase of equipment for the business

With approval of the RLF Committee, any project deemed eligible for assistance, and located within the Eagle Grove Area Community, which include Eagle Grove, Vincent, Thor, Woolstock, and Goldfield. The RLF contribution to an approved project may be up to, but shall not exceed $25,000. There is a minimum of $5,000 to borrow.
Applicants must provide evidence that private financing has been secured and committed in a sufficient amount to cover the private portion of the loan package. If conventional financing is not required, the applicant must demonstrate the ability to repay the loan.

The RLF, after consultation and recommendations with the primary lenders in the project and advisory committee, may award applicant financial assistance for a project in the form of:

Short term loans (1-5years) with an agreed upon low interest rate and repayment plan

Participation in a loan made by a commercial lender with an agreed upon payment schedule
The Loan Committee, prior to approving a loan, shall give serious consideration to the following:
Benefits to the community
Number of jobs created or retained
Ratio of other dollars compared to requested loan fund dollars
Borrower’s personal financial commitment to the project
Feasibility in compliance with the business plan
Repayment schedule proposed
Availability of RLF monies
Borrower’s business experience and past history
For more information about the Revolving Loan Fund you may contact the Eagle Grove Chamber of Commerce-515-448-4821
*This fund is not intended to be a sole source or primary source of funding for a project; it serves as supplemental funding assistance. Funds may not be used by the applicant for speculation on real estate, stocks, bonds, commodities, or any similar purpose; nor shall funds be used for personal conveniences such as automobiles, living quarters, or other non-business luxuries.
To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, Room 326-W, Whitten Building, 1400
Independence Avenue, SW, Washington, DC 20250-9410 or call (202)720-5964 (voice and TDD). USDA is an Equal Opportunity
provider and employer.”