Algona Municipal Utilities is proud to be actively involved in economic development activities in Algona and Kossuth County. AMU is a business partner and contributor to Kossuth County Economic Development Corporation and the Algona Area Economic Development Corporation. Through the Board of Trustees and staff, AMU has provided not only leadership but financial participation in the economic development and business expansion in the area.
Algona Municipal Utilities Revolving Loan Fund
Algona Municipal Utilities created a revolving loan fund to assist with business startup and expansion, along with development and growth of community projects in our area. Through the AMU Revolving Loan Fund (RLF), AMU is seeking to improve the quality of life in our rural area by contributing to the long-term improvement in the economy, including job creation and retention, diversification of the economy, improving the skills of the rural workforce, and upgrading the public infrastructure to improve the health, safety, and/or medical care of rural residents. The AMU Revolving Loan Fund Committee reviews applications and make recommendations to the AMU Board of Trustees. For information about the loan fund contact John Bilsten at (515) 295-3584.
Use of Funds:
- New of Existing Business
- Local Governments
- Nonprofit Entities
Ineligible Use of Funds:
- Business of Industrial Acquisitions
- Business Construction and Expansion
- Equipment and Machinery Purchases
- Agricultural Production
- Refinancing or normal business replacement needs
Terms and Security:
- Loan Amounts --$5,000 to $150,000
- Interest Rate - will vary depending on the Prime Interest Rate. Current Prime Interest Rate is 3.5% (3/16/16)
- A 1% adminstrative fee may be charged
- Building -- 10 years
- Real Estatate -- 10 years
- Equipment -- 2 to 7 years
- Computers -- 2 years
A minimum of 20%
of the project must be funded from equity or debt solutions other than the Algona Municipal Utilities Revolving Loan Fund.
The AMU Revolving Loan Fund will charge processing fees for legal, recording or any other expenses associated with processing the loan.
The AMU Revolving Loan Fund application can be found on this page. The format is in a PDF that the applicant can edit.
Algona Municipal Utilities is an equal opportunity provider, and employer.