The MIDAS Council of Governments announced that as a result of federal COVID-19 relief funding, it has received additional revolving loan fund money available to small business owners.
The money is to be used to assist small businesses with buying real estate, machinery, equipment and inventory.
”The main intent of the revolving loan fund is to create or retain jobs,” said Kathy Pfiffner, executive director of the MIDAS Council of Governments. ”Small businesses located in Pocahontas, Humboldt, Wright, Calhoun, Webster and Hamilton counties are eligible to apply.”
Terms of the revolving loan fund are:
• Equity requirement of 10 percent owner equity, which may be waived on a case-by-case basis.
• Maximum loan of $125,000.
• No interest for the first year on loans approved by May 6, 2021. Loans approved after that date will have the prevailing interest rate at the time of approval.
• Repayment terms of up to 20 years.
For more information on this program, contact Brandon Shaw, economic recovery coordinator, at 515-460-3381.