REVOLVING LOAN FUND AVAILABLE FROM MINBURN COMMUNICATIONS
Supporting rural vitality and making an impact in our community is a core value for Minburn Communications. To support this, the company established a Revolving Loan Fund (RLF) capitalized at $360,000. Through the RLF, Minburn Communications is seeking to improve the quality of life in rural areas by contributing to the long-term improvement of the economy to benefit job creation and retention, diversification, improving the education and skills of the local workforce, and upgrading the public infrastructure to improve the health, safety, and/or medical care of rural residents in Minburn, Woodward, Perry and rural Dallas County.
The $360,000 is comprised of a $30,000 grant from Ripple Effect, a $30,000 match from Minburn Communications and a $300,000 USDA grant. The Revolving Loan Fund gets its name from the revolving aspect of loan repayment, where the central fund is replenished as individual projects pay back their loans within 10 years, creating the opportunity to issue other loans to new projects.
The minimum RLF loan available from Minburn Communications is $25,000, the maximum is $150,000 and the project must include a minimum of 20% funding from other sources.
Eligible Applicants include any business venture, governmental public body, or non-profit entity involved in a community or economic development project that creates or saves jobs and/or provides needed community facilities that benefit rural areas in the State of Iowa. If you have a qualifying project and meet the eligibility requirements, we encourage you to contact Minburn Communications to learn more.