Monday 1 September 2014
 

EDC merger results in growth of revolving loan fund territory

 

The recent merger of the North Iowa Corridor Economic Development Corporation with the Mason City Economic Development Corporation and Clear Lake Economic Development Corporation has resulted in the economic development revolving loan fund previously administered by the MCEDC being regionalized and becoming accessible

to qualified businesses throughout Cerro Gordo County, including Clear Lake, Corridor officials announced.  The loan fund was previously only available to Mason City companies.
     “The benefits gained through unification of the economic development efforts of the whole of Cerro Gordo County is well-represented by the regionalization of the revolving loan fund,” Brent Willett, Corridor executive director said.  “Now, qualifying projects which meet RLF standards may be assisted by the fund throughout the Corridor region.”
     Capitalized in 1993 through the charitable contributions of Mason City individuals and businesses, the loan fund was created to promote increased economic activity and growth primarily through the location of new industry or expansion of existing business, with quality job creation and retention the primary goal.
     The Corridor Revolving Loan Fund is administered by an independent board of trustees and serves as a gap financing resource for growing primary-sector businesses.  It is not intended to - Read More Via e-Edition