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The Wright County Courthouse is on the
National Register of Historic Places Courthouse located at: 115 North Main Street, Clarion, IA 50525 |
University of Northern
Iowa Institute for Decision Making
Prairie Energy
Cooperative
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Wright County Economic Development Revolving Loan Fund
Guidelines
Ø Monies may be lent up to $10,000 per each new job created or saved. Ø Interest rate plus or minus 5% from prime (typically set at 5.00% fixed). Ø Eligible for loan if business has a SIC number and business has a commercial use. Ø Wright County is not a lender of primary funding. A financing gap should be present and/or Wright County provides no more than 50% of total sources. Ø A credit check may be performed on a semi-annual basis. Ø Maximum loan of $150,000 outstanding for any entity or affiliated entity. Ø Maximum repayment period of 5 years. Monthly payments preferred, quarterly payments acceptable. Ø Wright County will take a subordinate position only to commercial/governmental lenders. Ø Require a profit/loss statement on a semi-annual basis. A year end Balance Sheet should be sent to Wright County Economic Development at fiscal year end. Ø Money due and payable with interest rate set to 15% minimum if business ceases operation or shifts jobs outside of Wright County. Ø A $100 application fee will be charged. This fee may be waived at the discretion of the Wright County Economic Development director. Ø If a Revolving Loan Fund Committee member is involved from a professional standpoint, he/she will have no voting power on that issue. Ø Applicant may not be present for vote or internal discussion. Revolving Loan Fund Committee may request presence of applicant to answer questions prior to the vote. Ø All votes concerning an applicant will be done in person or by email. Loan Committee members are encouraged to be in attendance at the review session. Ø The decision of the Revolving Loan Fund Committee to be sent back to Wright County Economic Development Board with comments. Ø Revolving Loan Fund guidelines can be set aside by unanimous vote of the Wright County Economic Development Board, not abstaining. Application must include Ø Completed application information page Ø Business Plan Ø Past financials (if applicable) Ø Pro Formas (for 3 years or greater) Ø Current personal balance sheet (current in past 3 months) Ø Personal income tax returns for two previous years. Ø Brief resume of all principals. Loan Process Ø Applications will be submitted to the Wright County Economic Development office. Ø The loan review committee will meet to discuss the loan. They will then vote to approve/disapprove the loan. Ø If approved the loan review committee will send the application on to the Wright County Economic Development Board for approval. Ø If the Wright County Economic Development Board approves the loan it will then be forwarded to the Wright County Board of Supervisors. Ø The process could take up to 4-6 weeks.
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