RURAL BUSINESS ENTERPRISE REVOLVING LOAN PROGRAM
The Limestone Bluffs Resource Conservation and Development (RC&D) Area, Inc. is administering a Rural Business Enterprise Revolving Loan (RBERL) program targeted towards new or expanding small businesses. The Revolving Loan Funds was established through a grant from USDA Rural Development with matching funds from Limestone Bluffs RC&D Area, Inc.
The loan program is designed to assist the six eastern Iowa counties included in the Limestone Bluffs area overcome gaps in local capital markets that inhibit emerging small businesses from obtaining suitable credit and impede economic growth and stability.
Goals, Eligibility, and Priority for Loans: Limestone Bluffs RC&D will consider RBERL loan applications that result in the creation, retention, and expansion of small businesses based on the following priorities:
- natural resource based enterprises,
- value-added or alternative agriculture enterprises,
- enterprises providing needed facilities and services to low income, under employed, or the elderly, and
- small main street businesses.
Use of Loan Funds:
Funds from the Rural Business Enterprise Revolving Loan Program may be used for:
- Acquisition and development of land, easements, and rights-of-way for small and emerging private business start up and expansions.
- Construction, conversion, enlargement, repairs or modernization of buildings, plants, machinery, equipment, access streets and roads, parking areas, utilities, and pollution control and abatement facilities.
- Loans for startup operating costs and working capital.
Funds from the Rural Business Enterprise Revolving Loan Program will not be used to produce agricultural products through growing, cultivation and harvesting either directly or through horizontally integrated livestock operations except for commercial nurseries, greenhouses, or timber operations.
Loan Selection Process: Loan Application forms are available upon request from the Limestone Bluffs RC&D office. Applicants may also request assistance from Limestone Bluffs RC&D in completing application forms by calling 563-652-5104. More complete details of the program. Brief Summary
There is money available in our program that can be used for another loan application.