Type of Program:  Direct loans to small businesses.
Financing Available: Up to $50,000.  If amount is over $15,000, must have denial letter from financial institution. 
Use of Loan Proceeds: Working capital, inventory, supplies, furniture, fixtures, machinery, leasehold improvements and equipment.  Real estate purchases are not eligible.
Term of Loan: Maximum maturity of 6 years.
Interest Rate: Currently a fixed rate of 10%. Subject to change at discretion of SEDC Board of Directors.
Down Payment: None required, but always preferred. Each situation will be evaluated consistent with sound credit policies.
Process Time: 30-45 days from receipt of complete application to loan closing. Application deadline is the 1st Wednesday of each month.
Collateral: First lien on any assets financed by Microloan proceeds and other collateral deemed appropriate.
Guarantees: Personal and/or Corporate Guaranty required.
Eligible Businesses: Must meet SBA size standards.
Ineligible Businesses: Non-profit, consumer and marketing coops, floor plans, gambling concerns, any concern involved in speculation.
Area of Operation: Generally includes Buena Vista, Cherokee, Clay, Crawford, Dickison, Ida, Lyon, Monona, O’Brien, Osceola, Plymouth, Sioux, Woodbury counties in Iowa; Dakota and Dixon counties in Nebraska; Union and Clay counties in South Dakota. 
Technical Assistance: Borrowers must agree to cooperate with SEDC in development of a plan for intensive technical assistance provided by SEDC at no cost to borrower.
Job Creation Criteria: Creation of new jobs not required.
Fees: $20.00 credit report fee per applicant on the loan application and all costs involved in closing the loan (approximately $150.00).
Siouxland Economic Development Corporation

617 Pierce St, Ste 202
Sioux City, IA 51101
Phone: (712) 279-6430
Website: https://www.siouxlandedc.com
Email: sedc@siouxlandedc.com