CEDAR RAPIDS – The MedQuarter Regional Medical District announces a partnership with the East Central Iowa Council of Governments (ECICOG) that offers low-interest loans to businesses within the District, or those interested in relocating to the District.
The loans will be administered through a Revolving Loan Fund (RLF) recently approved by the MedQuarter’s Economic Development Committee. The MedQuarter RLF intends to encourage expansion and development of current spaces, acting as a catalyst for business growth and establishing the MedQuarter as a destination.
Funds are available at competitive rates to help position businesses for future growth.
“The Economic Development Committee is excited to establish a Revolving Loan Fund with ECICOG as it supports growth and diversification in the MedQuarter and utilizes ECICOG’s core functions as a promoter and administrator,” said Tim Charles, President & CEO of Mercy Medical Center and Chair of the Committee. “Through this partnership we are leveraging our resources to benefit the entire Medical District by supporting small business expansion.”
Loan Terms include:
• Loan Range: $10,000 – $50,000
• Loan Term: 3-5 years up to 10 years for real property
• 3.5% Interest Rate, can change at MedQuarter’s discretion
• 2% Closing Fee
• RLF Funds May Be Used For: purchase of machinery & equipment, purchase of real property, and/or tenant Improvements
Businesses can complete an application (available for download here) and return it to ECICOG. The MedQuarter ED Committee will review applications for applicability and forward to the loan review committee, who will evaluate the application and approve or decline funding. Approved applications begin the loan closing process, which includes preparation of the loan closing documents and scheduling of a loan closing date.
For questions please contact Robyn Jacobson, ECICOG Contract Administrator, at robyn.jacobson@ecicog.org or 319-365- 9941 ext. 134.
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