Osceola County Revolving Loan Fund

The OCEDC, with the assistance of Osceola County communities, established a Revolving Loan Fund to offer low interest loans for new business start-ups as well as loans for improvements to existing businesses. The primary goal is to encourage economic growth through the creation and retention of jobs in Osceola County.

Eligible projects must meet some/all of the following to qualify:

  • Start a new business in the county
  • Create permanent new jobs in the county
  • Make property improvements that increase the county tax base

Use of Revolving Loan Funds:

  • Land Purchases
  • Building Purchases
  • Building Construction
  • Equipment Purchases
  • Inventory Purchases
  • Working Capital
  • Any other use deemed necessary and proper by the OCEDC

The following restrictions apply to the assistance program:

  • Project must be located within boundaries of Osceola County
  • Maximum loan cannot exceed the lesser of 40% of the total project cost or $100,000
  • Applicants must be able to provide 20% equity for the project
  • Qualifying loans based on job creation are limited to $15,000 for each new full-time job or combination equaling a full-time job based upon the county's median income
  • 10 year maximum loan payback
    Maximum of two years for projected job creation
  • Program is subject to available funds
  • Interest rate based on loan term:
    • 5 years or less = ½% below the prime interest rate
    • More than 5 years = rate is negotiable

To apply for a Revolving Loan Fund loan to start or improve your business, stop at the OCEDC office in the Osceola County Courthouse or call us on 712-754-2523. We will help you determine if your project qualifies and will work with you to help secure the financing. Language services are available.

Participating Financial Institutions:

  • Sibley State Bank, 803 4th Ave., Sibley, Iowa, 712-754-2561
  • Iowa State Bank, 721 2nd Ave., Sibley, Iowa, 712-754-2535
  • Iowa State Bank, 260 Main St., Melvin, Iowa, 712-736-2420
  • Ashton State Bank, Main St., Ashton, Iowa, 712-724-6326
  • United Community Bank, 850 Main St., Ocheyedan, Iowa, 712-758-3141
  • U.S. Bank, Sibley, Iowa, 712-754-4646
RLF Application