A regional organization recently landed $4.25 million in funding for its revolving loan program that is open to businesses in six counties, including Jones County.
East Central Iowa Council of Governments announced the funding, which is coming via the federal CARES Act.
“This award will effectively double the size of the revolving loan program and allow ECICOG to provide more financing assistance to businesses as they navigate the unique challenges and opportunities presented by COVID-19,” a press release states. “Any new or expanding business in Benton, Iowa, Johnson, Jones, Linn or Washington County can apply for funds through the ECICOG Business Assistance RLF, which has adopted policies designed to help local businesses during the pandemic including new lower interest rates of 0 to 2%. Businesses can apply for up to $500,000 and do not need a credit rejection letter. Eligible expenses include equipment or machinery, real estate or working capital.”
More information about the revolving loan program and how to apply can be found at ecicog.org/covid-recovery.html.