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Loan Fund Supports Downtown CR Growth
CEDAR RAPIDS, Iowa (CBS 2/FOX 28) -- A new program is available to provide low interest business loans, as part of the continued business disaster recovery efforts in Cedar Rapids.
The Cedar Rapids Revolving Loan Fund (RLF) helps encourage expansion and growth in the core of Cedar Rapids by providing competitive loans to local businesses currently residing in, or who are willing to relocate to, the flood-impacted area. This includes parts of the Downtown District, NewBo, Czech Village and Kingston Village areas. Businesses who received disaster recover funds following the 2008 floods and reside in Cedar Rapids may also quality for a RLF.
The Cedar Rapids RLF is the last component to the state's Business Disaster Recovery Assistance program. Rather than return unused funds, the city is seeking to apply them to the core community and to businesses impacted by the 2008 floods. Funds are available at competitive rates to help position businesses for future growth.
Financial assistance includes maximum loan award of $50,000, interest rate of 4 percent and having a term no longer than 10 years.
For more information, visit www.ecicog.org/crrlf.