The East Central Iowa Council of Governments (ECICOG) has received a grant from the U.S. Economic Development Agency, making $4.2m available for business loans in the six-county region served by ECICOG. Businesses in Benton, Iowa, Johnson, Jones, Linn, and Washington counties are eligible for the loans administered by ECICOG and established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act Revolving Loan Fund. The CARES Act loan fund was created to combat the severe economic distress coronavirus (COVID-19) pandemic.
Monkeythis, an advertising and marketing agency with offices in Vinton, Iowa, and Denver, Colorado, was chosen by ECICOG to provide marketing support for the new loan fund. Working together with ECICOG staff, the company's goal is to get information about the loan program to every business in the ECICOG region.
Though created in response to the pandemic's economic dislocation, the new fund is not limited to pandemic-caused economic damage. Borrowers can apply for working capital loans (inventory, taxes, utilities, rent, payroll, mortgage payments, supplies) and COVID-19/social distancing expenses.
"We are excited about the opportunity to publicize this loan fund so businesses in our region can again think about growth and accelerated economic recovery," said Kurt Karr, founding Principal of Monkeythis. "This program includes changes to the requirements for loan approval and interest rates that are highly advantageous; changes we look forward to sharing with every business in our region."
Monkeythis is currently providing marketing and advertising support for economic development initiatives, municipal telecommunications startups, education, and private industry.