COVID Recovery
|
|
|
Program Contact
|
This pool of money is provided through the ECICOG Revolving Loan Fund and established by the East Central Iowa Council of Governments (ECICOG) to assist new and existing businesses within our six county region develop and expand, especially those seeking assistance to recover from the COVID-19 pandemic.
Any new or expanding business in Benton, Iowa, Johnson, Jones, Linn, or Washington Counties can apply. Although the maximum loan is $500,000 the average loaned award is $25,000. There is a 10 year maximum on real property loans and all loans are 5-7 year term, fixed asset loans. Interest rate 0-2% depending on applicant and term will be determined by the RLF Committee and no leveraged money is required. A credit rejection letter is not necessary and for COVID-19 related expenses there is no duplication of benefits. ECICOG can review up to four applications each month. If yours is the fifth or later application, it will be reviewed the next month. ECICOG is an Equal Opportunity Lender |
Apply for Funding
Step 1: Complete an application and return it to ECICOG. ECICOG staff evaluates application for completeness.
Step 2: Application is forwarded to the loan review committee. Applications received before the last business day of the month will be placed on the next month’s agenda.
Step 3: The loan review committee meets on the last Thursday of each month. The committee evaluates the application and makes recommendations to the East Central Iowa Council of Governments Board of Directors.
Step 4: The East Central Iowa Council of Governments Board of Directors acts on the Loan Review Committee’s recommendation.
Step 5: Approved applications begin the loan closing process. This includes preparation of the loan closing documents and scheduling of a loan closing date.
Step 2: Application is forwarded to the loan review committee. Applications received before the last business day of the month will be placed on the next month’s agenda.
Step 3: The loan review committee meets on the last Thursday of each month. The committee evaluates the application and makes recommendations to the East Central Iowa Council of Governments Board of Directors.
Step 4: The East Central Iowa Council of Governments Board of Directors acts on the Loan Review Committee’s recommendation.
Step 5: Approved applications begin the loan closing process. This includes preparation of the loan closing documents and scheduling of a loan closing date.
Program provided with funding assistance from the U.S. Department of Commerce and the Economic Development Administration.
