Falcon Development Corporation (FDC)’s Revolving Loan Fund provides financing assistance to new and/or existing businesses, and/or retention of significant jobs with viable plans for making improvements, locating, or expanding in the City of Heron Lake and the surrounding area. FDC’s purpose is to advance the economic development prosperity of the area by promoting and encouraging trade and commerce. Any loan made to a business must add new wealth, growth, and betterment to the area. The revolving loan fund may also be used to provide financing for community development and infrastructure improvements that would promote economic development in the area, including the stimulation of growth through improved manufacturing or new technologies.
Retail/service, manufacturing, agribusiness, healthcare, alternative and renewable energy, environmental, technology-based, and distribution businesses. Eligible businesses may be for profit, non-profit, and under some circumstances, local units of government.
Other Loan Parameters
Applicants must show that affordable financing cannot be leverage with other resources. The revolving loan fund must be matched on a 1:1 basis by a bank or other non-federal source. Loans may range from $10,000-$100,000, with interest rates as low as 75% of prime.
Fees: 1% of proceeds at closing, closing fees, legal costs and filing fees.
Applications are accepted on a year-round basis. Please review the Checklist for Application for more information (below).
Falcon Development Corporation Board of Directors
Jeremy Janssen, President
John Hay, Vice President
Allen Jensen, Director
Kevin Leopold, Secretary/Treasurer
Tracy Freking, Director
Shawn Hochstein, Director
The Falcon Development Corporation Revolving Loan Fund is administered by Southwest Regional Development Commission. For questions regarding Falcon Development Corporation, or its Revolving Loan Fund, please contact Deputy Director Robin Weis.