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Program Contact
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The ECICOG Revolving Loan Fund is a loan pool established by the East Central Iowa Council of Governments to assist new and existing businesses within our six county region develop and expand.
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. Competitive interest rates of 2.5, 4.25, and 6.25 percent (rate based on risk matrices for new or existing businesses) with a loan closing fee of 2% of loan award. 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.
Limited funding is currently available!
Program provided with funding assistance from the U.S. Department of Commerce and the Economic Development Administration.
