Upper Exploreland Funds

By: News Release
Sep 14th, 2020

The U.S. Department of Commerce, Economic Development Administration (EDA) recently awarded Upper Explorerland $500,000 in additional funds to capitalize a new revolving loan fund (RLF) to alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic. These new funds will be used to assist new and expanding small businesses with loans up to $150,000 at a lower interest rate than what they have previously been offering. Interest rates will now typically be 1%-2%, with a term of five to seven years.

The program is designed to provide attractive financing conditions at an expediated pace to assist businesses during these challenging times. Often, the revolving loan fund can provide the financing on that part of a project that is most difficult to finance – machinery and equipment, inventory, and so forth.  This program also has the flexibility to take an inferior collateral position, which makes bank financing possible for funding most of the project costs.  These new funds are only available on a first come, first served basis.

We are so excited that EDA recognized UERPC as an ideal vehicle to help businesses who may need financial assistance,” states Diana Johnson, UERPC’s Economic Development Department Head. “It is hard enough to start a new business and during a pandemic can be even more challenging. We encourage businesses in our region to reach out to us should they need financial help.”

UERPC encourages businesses to work with their local bank along with their county economic developer and to consider financing options through Upper Explorerland’s revolving loan fund. Contact Diana Johnson at djohnson@uerpc.org or 563-382-6171 with questions or to obtain an application.