Revolving Loan Fund (RLF)

Purpose 
The purpose of the Revolving Loan Fund is to provide short-term financing for fixed assets, equipment, inventory or working capital.

General Eligibility Requirements

• Loans are for new or existing for-profit corporations, partnerships or proprietorships.
  
• Businesses must be located within the city of Des Moines.
  
• Passive investment companies, lending institutions, gambling and real estate investment companies are not eligible.
• Job creation and retention must meet one job per $10,000 in load funds.
  

Terms and Conditions

• The maximum loan amount is $50,000 not to exceed 50% of total project costs. 
  
• Interest rates and terms are negotiated, and maturity won’t exceed five years.   
  
• A lien on the uses of proceeds, a personal guarantee or other collateral are required. 
  
• Loan recipients may not relocate facilities or employment outside of Des Moines during the term of the loan.
  
• Applicants must meet federal requirements for equal employment opportunity, environmental clearance and labor standards provisions.
  

Required Information

• A business history and description of the proposed project
  
• Current and historical financial statements
  
• Projected financial statements
  
• Loan leveraging and owner contributions
  
• Evidence of the lack of financing alternatives
  

The Process
Contact us to arrange a meeting to discuss your project. The typical turnaround time is two weeks after all necessary application materials are received.

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Our Mission

Our mission is to enhance economic development in the City of Des Moines and the Greater Des Moines area.

Our goal is to make the funding programs we administer straightforward and easy to access.