In an effort to promote and encourage economic development within the communities of the greater Floyd County region, the Charles City Area Development Corporation has established a revolving loan fund to provide financial assistance to new and expanding businesses. The Regional Revolving Loan Fund is designed to provide supplemental financing in support of new and expanding businesses located within, and adjacent to Floyd County. To offer financial assistance that will promote the retention and expansion of existing businesses. To increase the property tax base. To diversify the region's economic composition by encouraging unique or essential business concerns.
Loans are available as incentives to assist in industrial growth within the district.
The amount of the loan is based upon increased taxable valuation and jobs created by each activity. Loans are project specific, with Development and Assessment Agreements required. Loans are available for both new and expanding commercial and industrial activities. Loan amount is based upon the increased taxable valuation created by the improvements and is specific to the benefits created for the community. A low interest Business Development Loan program is available for business retention and business creation.