Regional Revolving Loan Fund
Keokuk Revolving Loan Fund
The Keokuk RLF provides low interest loans up to $25,000 for gap financing to qualifying individuals, partnerships, or corporations that want to start a new business in Keokuk. The RLF is a community financing tool used to encourage small business development and entrepreneurship, and is administered through the SEIRPC. Funds are used in conjunction with local lenders to serve as gap financing for proposals and the lender serves as the primary source of funding.
Eligibility is based on the following:
Startup or expanding business in the city limits
Applicant must be creating or retaining jobs
Applicant must demonstrate the need for gap financing or local match funding
Applicant proposal will support and enhance the local economy
Maximum loan award - $25,000
Cost per Job - $10,000
5-7 year term on fixed asset loans
10 year maximum on real property loans
Competitive interest rates
Loan closing fee of $250
The Lee County MicroLoan Program was created to provide an alternative source of credit and technical assistance for those businesses and entrepreneurs who have promising and workable business plans but may have difficulty securing a loan from conventional sources. The purpose of this program is to provide extra technical assistance and alternative credit to help Lee County residents realize their goal of achieving business success when there is a solid idea, team, and commitment to make the enterprise work.