Revolving Loans

Helping Cambridge Businesses Thrive

Photo of inside room at Huskerfields hunting lodge in Cambridge.

The Cambridge Economic Development Board has a revolving-loan fund to help local businesses thrive. The Board awards low-interest loans to business owners or operators who present compelling business proposals.

Emphasis is placed on proposals that build on local resources, including, but not limited to, agricultural products, telecommunications infrastructure, health-care resources, tourism development, and specialty skills, such as arts and crafts. A key goal is to fund projects that address the out-migration of young people from the area by providing jobs that keep them home or bring them back to Cambridge. Both new-business proposals and plans for expansion of existing businesses are considered.

Loans are available up to $20,000, with associated projects requiring equity injection from the business of at least 10% of the total project. The interest rate is 0.5% below prime rate at the time, and loan terms must not exceed the useful life of the assets financed. Generally, working capital is 1 to 3 years, machinery and equipment 3 to 7 years, land and buildings up to 15 years. Past recipients include Huskerfields, Cappel Chiropractic, and the Clarion, each providing unique business services to the community.

If you're interested in applying for a revolving business loan, download and complete this information sheet and application, then contact the economic-development director to go over the application process, at 308-697-3711 or [email protected].