Revolving Loan Fund to Support Calhoun County Businesses

Why It Matters

Whether you're launching a new venture or expanding an existing operation, the RLF can help bridge funding gaps and bring your project to life.

“Small businesses are the backbone of our communities,” said Theresa Hildreth, Executive Director of CCEDC. “This fund gives local entrepreneurs and business owners the financial tools they need to grow, create jobs, and strengthen our economy.”

What the CCEDC Revolving Loan Fund Supports

The RLF was established in partnership with the U.S. Department of Agriculture Rural Development and continues to operate as a revolving financial tool—reinvesting repaid funds into future loans for other local businesses.

Loan Highlights:

• Loan amounts start at $5,000
• Low, competitive interest rates
• Flexible repayment terms
• Applications accepted year-round
• Loan decisions made locally by a volunteer Loan Committee and approved by the CCEDC Board of Directors – all local members

Eligible Uses of Funds Include:

• Equipment purchases
• Building construction or renovations
• Site improvements or development
• Working capital
• Start-up costs for new businesses
• Projects that create or retain jobs in Calhoun County

Projects with clear economic benefit and job creation receive priority consideration.

Collateral Required

To secure a loan through the RLF, businesses must provide collateral to support the loan amount. Acceptable forms of collateral include:

• Real estate
• Equipment
• Other business assets
• An irrevocable letter of credit

Collateral value and lien position will be reviewed during the loan application process.

 Additional Loan Opportunities Through CCECA

Through a strong working relationship with the Calhoun County Electric Cooperative Association (CCECA), CCEDC can also connect eligible businesses with additional funding opportunities. Business owners may be eligible for a loan through CCECA’s own Revolving Loan Fund, which supports a broader range of community and economic development projects.

Eligible Loan Recipients Include:

• New or expanding private businesses

• Not-for-profit organizations
• City or county governments

Eligible Uses of CCECA Funds Include:

• Land purchases

• Machinery and equipment
• Fixed assets
• Building purchases or improvements

Ineligible Uses Include:

• Speculative land purchases

• Payments to owners or equity investors
• Debt refinancing
• Projects without clear economic development potential

How it Works

The CCECA Loan Review Committee and Board of Directors consider several factors when evaluating applications, including:

• Demonstrated financial need
• Project feasibility and likelihood of success
• Benefits to the rural area (e.g., job creation/retention, diversification, community improvements)

How to Apply

Interested businesses are encouraged to reach out to CCEDC for more information about loan guidelines, eligibility, and how to access both funding options.

To apply, businesses must:

• Complete a full loan application
• Submit a business plan
• Provide financial projections and recent tax returns

Contact Us:
Calhoun County Economic Development Corporation
Phone: (712) 297-5601
Website: www.calhouncountyiowa.com

Let’s work together to grow Calhoun County—one business at a time.