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Main Street Loan Program

The Heart of Our Communities

The Main Street Loan program is a partnership between Main Street Iowa and the Iowa Finance Authority that provides funds for lending to main street communities.

Main Street Iowa has identified a need for lending for residential and commercial development in main street communities. Specifically, there is a need for downtown infill and rehabilitation of upper floor housing in mixed-use buildings.


  • Interest Rates

    The interest rate varies and is based on IFA’s cost of funds for the proposed loan term.

  • Loan Terms

    These terms and conditions are a broad outline of the Main Street Revitalization Loan Program and are not all-inclusive. IFA, with guidance from Main Street Iowa, will determine the eligible projects, credit worthiness, collateral and repayment terms. Terms and conditions are subject to change.

  • Loan Amounts

    Main Street Loans range between $50,000 and $250,000.

  • - Between 3-15 years, with up to a 30-year amortization.
    - Origination fee is 1 percent at closing.
    - Debt Coverage Ratio is 1.25 : 1, inclusive

Eligibility Requirements

  • Loans are made for the rehabilitation of upper floor housing or commercial properties or for new construction on infill lots in downtown areas of communities that participate in the Main Street Iowa program.

  • Projects must complement Main Street Iowa’s vision of a revitalized downtown. Main Street Iowa first considers all applications for design appropriateness. If approved, IFA then reviews the applications for underwriting purposes. IFA awards loans on an ongoing basis.

  • The borrower must show community support evidenced by local contributing effort. The borrower must also invest a minimum of 10% of the project cost and must supply requested financial information to show that there is a reasonable assurance that the loan will be repaid

  • Plans must meet all code requirements. Main Street Iowa will review all building plans and specifications.

For inquiries about the Main Street Loan program reach out to:

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