Starting, purchasing, or expanding a business can be an exciting yet challenging journey. One of the biggest hurdles entrepreneurs face is securing the necessary funding to bring their vision to life. That’s where PACT (Promoting Appanoose and Centerville Together) steps in with our Revolving Loan Fund (RLF) program, designed to support the growth and development of businesses within Appanoose County.

What is the PACT Revolving Loan Fund?

The PACT Revolving Loan Fund is a financial tool created to promote the expansion and retention of Appanoose County’s commercial and industrial base. Whether you’re looking to start a new business, purchase an existing one, or expand your current operations, this fund offers a unique opportunity to secure the financing you need.

How Can the Revolving Loan Fund Help Your Business?

1. Starting a Business If you’re an aspiring entrepreneur with a solid business idea, the Revolving Loan Fund can help you get started. The fund can be used to cover critical business start-up costs, such as acquiring property, purchasing necessary machinery and equipment, and even stocking up on initial inventory. With the RLF, you can focus on building your business without the overwhelming financial pressure.

2. Purchasing an Existing Business For those interested in buying an established business, the Revolving Loan Fund offers down payment assistance. This can be a game-changer, especially when combined with conventional lending options, allowing you to take over a profitable business with a strong foundation.

3. Expanding Your Business If you’re a business owner looking to grow, the RLF can provide the capital needed to scale your operations. Whether it’s purchasing additional inventory lines, making property improvements, or acquiring new machinery and equipment, the fund is there to support your expansion goals. Additionally, working capital from the RLF can help sustain your business during the growth phase, ensuring you have the financial stability to succeed.

Success Stories: Testimonials from Revolving Loan Fund Recipients

Don’t just take our word for it—hear from local entrepreneurs who have successfully utilized the PACT Revolving Loan Fund to achieve their business goals:

Photo Credit: Valley View Event Center

Photo Credit: Valley View Event Center

Photo Credit: Valley View Event Center

Jerilyn Inman, Owner – Valley View Event Center “PACT’s help to finance our event venue made our dream come true. When the construction was done, it was time for tables and chairs and the final details to furnish the venue and the low interest PACT loan made that happen. With a lot of heart, dedication and hard work coupled with the support of our wonderful couples, their families and friends it has become successful. A dream that just keeps getting better, and we proudly tell everyone that we have over 230 weddings under our belt. We are grateful for PACT’s low interest loan that helped ensure we would be able to survive as a business. PACT held their annual banquet at our venue showing they really do everything they can to support the businesses they work with. Live, laugh and love always!”

Photo Credit: Melanie Hawkins Photography

Photo Credit: Leslie Cook Photography

Photo Credit: Casara Willey Photography

Rob Talbot, Co-Owner – Pit Pony Pub & Eatery “When Jeff Kulmatycki and I (among others) decided to create a pub downtown that was open 7 days a week, we knew we would need help from PACT.  PACT closed the financial gap so we could raise enough investment capital to afford the renovation and equipment. Those are significant costs to a startup, especially a restaurant, and we couldn’t have done it without the help of PACT’s Revolving Loan Fund”

Key Features of the Revolving Loan Fund

• Location Requirement: To qualify for the Revolving Loan Fund, your business must be located within Appanoose County. This focus ensures that the program directly contributes to the economic development of our community.
• Gap Financing: The RLF is designed to be used as “gap” financing. This means that at least half of your project’s funding should come from conventional lending sources or your own equity. The RLF then steps in to bridge the remaining financial gap, making your business goals achievable.
• Competitive Interest Rates: While the interest rate on loans may vary depending on the project, most loans will carry a rate of 5%. This rate is generally lower than conventional lending rates, helping to reduce your overall cost of borrowing.
• Flexible Terms: Loan terms are tailored to the specific needs of your project and loan amount. This flexibility ensures that the financial support you receive is aligned with your business objectives.

Why Choose PACT’s Revolving Loan Fund?

The PACT Revolving Loan Fund is not just about providing financial assistance; it’s about fostering long-term economic growth in Appanoose County. By choosing PACT, you’re not only securing the funds you need but also joining a community of entrepreneurs committed to making a positive impact.

As an equal opportunity lender, PACT ensures that all loan recipients adhere to equal opportunity laws, promoting fairness and inclusivity in our business community.

Ready to Take the Next Step?

If you’re ready to start, purchase, or expand a business in Appanoose County, the PACT Revolving Loan Fund could be the key to unlocking your business’s potential. Our team is here to guide you through the application process and help you secure the funding you need to succeed.

For more information or to get started, contact us at 641-437-4102, email us at economicdevelopment@pactiowa.org, or visit our website at www.pactiowa.org. Let’s work together to turn your business dreams into reality!