The City of Hawarden’s Revolving Loan Committee awarded $217,821 in loans to three commercial and housing projects, on February 6, 2020. These loans were issued at a 2.75% interest rate as part of the city’s commitment to spur economic development in our community. The Loan Committee awarded loans to the following entities:
Heartland Appliance and Repair, LLC for their business expansion needs
Rooster’s Restaurant, LLC dba Midwest Steakhouse for their business startup needs
Hawarden Chamber and Economic Development Committee, Inc. for their residential spec home project
The revolving loan fund is a USDA-Rural Development grant funded but locally administered “loan fund” that is used to help small rural businesses find the financing they need to start-up, expand and grow. A percentage of the revolving loan fund can be used for short term residential projects with certain conditions.
Start-up, existing and new businesses that locate within the boundaries of the City of Hawarden are eligible to apply. Loan conditions vary depending on the type and length of the loan. Conditions will also vary depending on applicants credit background, amount of other capital brought to the project from other lenders and amount of equity the applicant brings to the project.
The long term goal is to create investment and jobs for the City of Hawarden.