Purpose:

To provide short-term financing for fixed assets, equipment, inventory or working capital.

Eligibility:

• New or existing for-profit corporation, partnership or proprietorship
• Located within the City of Des Moines.

Terms and Conditions:

• Maximum loan amount is $50,000 or 50% of total project costs, whichever is greater.
• Negotiated terms generally not to exceed five years.
• Negotiated interest rate
• Collateral is lien on the uses of proceeds or personal guarantee
• Facilities or employment cannot be relocated outside of Des Moines during the term of the loan.
• Must meet federal requirements for equal employment opportunity, environmental clearance and labor standards provisions.

Required Information:

• History of business and description of proposed project.
• Current and historical financial statements
• Projected financial statements.
• 1:1 leveraging of loan and owner contributions.
• Evidence of lack of financing alternatives.
  

For additional information, please e-mail OED@dmgov.org or call (515) 283-4004.