IRON COUNTY ECONOMIC DEVELOPMENT REVOLVING LOAN FUND POLICY STATEMENT
Iron County created a fund of money, derived from community development block grants, that is to be used to further economic development within the county. This statement sets out the principles and policy which govern administration of the fund.
I. THE FUND
The fund and any income received from it, including repayments of loans, shall be paid to the Iron County Treasurer. The Treasurer shall deposit all fund monies in a separate fund entitled “Iron County Economic Development Revolving Loan Fund” (RLF).
One of the major problems in local development and a significant contributing factor to local economic distress is the problem of credit availability. Even when available, the cost and terms of credit may prevent firms from starting, expanding, or continuing operations, resulting in the loss of potential jobs, tax revenues, and private investment. The primary goal of grant or loan capital availability through the RLF will be private sector job creation or retention. The RLF will finance industrial or commercial activities where 51% of the opportunities for private sector jobs will be held by low and moderate income persons. RLF loan activities will emphasize direct job creation/retention by attracting capital for start-up, expansion, or retention of business.
An application for the fund is available in both a pdf format and word processing document by clicking the links below.
For more information or to receive assistance with preparing the loan or business planning, please contact the office at 906-875-6688 or e-mail your request to the director.