KC Revolving Loans


Small Businesses Loans

112 East Washington St * Sigourney, Iowa 52591 * sadc@sigourney.com

What is the Revolving Loan Fund (RLF)?

Sigourney Area Development Corp (SADC) operates a revolving loan fund for busineses within Keokuk County. What does that mean? Basically if you're a new or growing business and you need funds to help with your startup costs or your expansion, we offer simple fixed term loans with a low interest rate to help you do that.

Why is it called a revolving loan fund?

The reason it's called a revolving loan fund is that after each loan is paid off, that money becomes available to be loaned out again to build or expand other businesses. This way, we keep the money in Keokuk County and help improve our businesses.

Who is eligible?

As long as your business is located within Keokuk County you're able to apply. You don't need to be a new business but you do need to be investing in your business, which means that the money should be used for more than general operating funds (though that will definitely be part of where the money goes!)

The official description looks like this:

Loans will be given for the creation, retention, and expansion of small private business enterprises based on one or more of the following priorities:

  • Natural resource based enterprises
  • Value-added agriculture enterprises
  • Enterprises providing needed facilities and services to low income, under employed or elderly
  • Small commercial or retail business

We're flexible. Our goal is to do our best to make sure that you get the financing you need to build your new business, or grow and protect your existing business.

What are the terms of the loan?

It costs $150.00 to apply. The interest rate is currently a fixed 4%. The majority of loans we offer have a 5-year term. There's no minimum amount of funding but most business owners find at least $5,000 gives them enough to work with and you can receive a maximum of $50,000 from the program.

Do I need to be a member of SADC to receive a loan?

You do need to be a member, but you can submit your membership card along with your $100 business membership at the time that you apply for the loan. There's no minimum time to be a member of SADC to be eligible to apply.

How do I apply?

We keep Revolving Loan Fund applications at our office at 112 East Washington, Sigourney IA 52591. You can also give us a call at 641-622-2288 or email us at sadc@sigourney.com and we'll send you a copy of the application form. The application will ask for a description of your project, some basic financials, information on other financing and other basic information that all funders will ask for.

We keep your information confidential. The only people who will know you've received a loan are the Revolving Loan Fund (RLF) Committee members and others who need to know in order to administer the money, like the bank.

What happens after I apply?

Once you submit your application along with the $150 application fee, your application will go to the Revolving Loan Fund Committee. They meet once a month when there are loans to look over. They may approve your loan immediately, ask you for more information, or decide that our loan program isn't a good fit. We let you know either way.

What happens once I'm approved?

Once you've approved we'll go over the terms of the loan again to make sure we're on the same page. We'll have the promissory note drawn up and you'll sign it. About a week after that, you receive your funds! Then we'll make automatic withdrawals for the length of the loan. Once your loan is paid in full you'll receive notice of that and be eligible for more funds in the future.

What happens if I'm declined?

If the RLF Committee makes the decision not to award funds at this time, you'll be notified as well. We'll let you know the reason you were declined and if there's any other sources of funds you might want to access. We want to help!

Where did the money come from?

SADC Keokuk County Revolving Loan Program was made possible through a Rural Development Enterprise Grant from the USDA-Rural Development along with funds from Keokuk County.

I still have questions

That's okay! Feel free to give us a call at 641-622-2288 or email us at sadc@sigourney.com.

Legal and Civil Rights Disclaimers:


 If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form, found online at http://www.ascr.usda.gov/complaint_filing_cust.html, or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all of the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of Adjudication, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, by fax (202) 690-7442 or email at program.intake@usda.gov.”