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
- 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.