revolving-loan-fund

The Sully Revolving Loan Fund (RLF) has about $50,000 available for financing your business start-up or expansion project. The Sully RLF was established to improve the Sully economy by providing “gap” financing for small and emerging private business enterprise projects that may or may not increase property valuations or employment opportunities.

Any business located in the Jasper County portion of the Lynnville-Sully School District is eligible to apply. Refinancing, residential construction, specialized equipment not essential to the operation, and routine maintenance generally cannot be financed. Some possible uses of the Sully RLF are:
 • Acquisition of land, buildings, and equipment;
 • Building renovation, rehabilitation, or equipment installation;
 • Working capital for inventory and direct labor; and
 • Technical assistance for private business enterprises.

Loan amounts are subject to the availability of funds. The minimum loan is $2,000. Interest rates will vary with the prime rate and are set by the Sully RLF Loan Committee. Rates will range from 2-5 percent and typically will not exceed prime rate by more than 2 percent. The Sully RLF Loan Committee will determine the loan term, which will depend upon the project being financed.

If you are interested, contact the City of Sully (641-594-3493). Click here for additional information.