Revolving Loan Funds

LMCDC Revolving Loan Fund

In an effort to promote and encourage economic development within the city limits of Lake Mills and up to one mile outside the Lake Mills city limits, the Lake Mills Chamber Development Corporation has established a revolving loan fund to provide financial assistance of amounts up to $50,000 for small and emerging private business enterprises.  Initial funding for this program was provided through a grant from the United States Department of Agriculture using federal Rural Business Enterprise Grant funds (USDA RBEG).  The original grant funds carry specific restrictions, which must be adhered to both by the Lake Mills Chamber Development Corporation and subsequent loan recipients. The restrictions may vary on loans using revolved funds.

This loan can be used alongside the Winn-Worth Betco. Revolving Loan to fund project, but cannot be used alongside the City of Lake Mills Revolving Loan to fund projects.

WCTA Revolving Loan Fund

A Revolving Loan Fund (RLF) is a gap financing measure primarily used for development and expansion of small businesses. It is a self-replenishing pool of money, utilizing interest and principal payments on old loans to issue new ones. While the majority of RLFs support local businesses, some target specific areas such as healthcare, minority business development, and environmental cleanup. WCTA created our RLF to improve the quality of life in rural areas by contributing to the long-term improvement in the economy, including job creation and retention, diversification of the economy, improving the health, safety, and or/ medical care of rural residents.

City of Lake Mills Revolving Loan Fund

In an effort to promote and encourage economic development within the community, the City of Lake Mills has established a revolving loan fund to provide financial assistance to new and expanding businesses.

This loan can be used alongside the Winn-Worth Betco. Revolving Loan to fund projects, but cannot be used alongside the LMCDC Revolving Loan to fund projects.

To learn more or to get an application, contact the City Clerk at lmclerk@wctatel.net.

Winn-Worth Betco. Revolving Loan Fund

The RBEG (Rural Business Enterprise Grant) helps retain and create new jobs in Winnebago & Worth Counties by assisting small businesses in start-up or expansions.

This loan can be used alongside the LMCDC Revolving Loan or the City of Lake Mills Revolving Loan to fund projects.

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City of Lake Mills
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105 W Main Street

Lake Mills, IA 50450

 

phone 641-592-3251 

© 2016 by Lake Mills Chamber Development Corporation.