The City of Stewartville Economic Development Loan Program was established by the City Council to assist small businesses grow, expand, or be retained in the City.
How to Apply
Revolving Loan Fund guidelines and application.
- Businesses must be located within the city limits of Stewartville.
- Land and building acquisition, land improvements, new building construction, building renovation, machinery, furniture, fixtures, and equipment are eligible uses.
- Eligible businesses must be a “for profit” business.
- All construction and renovation must comply with city codes and policies.
- Business is a good business risk.
- Credit analysis reflects other financing sources.
- Financing gap should exist in the business-financing package.
- Equity of 10% should be involved.
- The term is determined by the RLF Committee on a case by case basis.
- Interest is determined by Council as is based on New Your Prime Lending Rates and Market Interest.
- The City will typically subordinate to other financing sources when needed.