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News
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$5
million Iowa Small Business Loan Program
Launched
Posted 3 August 2010
Governor Chet Culver
announced the launch of the Iowa Small Business Loan Program. This new
program will provide access to $5 million of low interest loans to
assist entrepreneurs and small businesses to grow in Iowa.
“I am pleased to announce the launch of the Iowa Small Business Loan
Program as another resource to support the growth of young companies
within the state. These resources will allow them to create new
financial opportunities for themselves, their employees and the
communities in which they operate,” Culver said. “These businesses will
create new jobs, make our economy stronger and help move Iowa forward.”
The Iowa Small Business Loan (ISBL) Program will begin accepting loan
applications today. The $5 million program was created by the Iowa
Legislature during the 2010 session to promote the creation and
retention of jobs in Iowa’s economy by providing financing to eligible
small businesses.
The ISBL Program aids Iowa entrepreneurs and small businesses in their
efforts to (1) upgrade or modernize equipment, (2) realize additional
efficiencies in their supply chains, (3) improve their distribution and
transportation margins, (4) reduce facility costs through increased
energy efficiency, and (5) leverage other sources of business
financing.
Iowa small businesses can access loans ranging from $2,500 to $50,000
at an interest rate of 3.9 percent. If the ISBL Program loan is
combined with financing from a local lender the interest rate drops to
just 2 percent, if the co-financing is for at least one-third of the
total loan package amount.
The Iowa Department of Economic Development has contracted with the
Iowa Foundation for Microenterprise and Community Vitality to assist
with the credit review process and provide recommendations regarding
loan decisions to IDED. IDED will make final decisions regarding
approval or disapproval of all loan applications. The total time
between application submission and funding of approved loans is
estimated to be four to six weeks.
To be eligible for the ISBL Program, the small business must be located
in Iowa; must be owned, operated, and actively managed by an Iowa
resident; and have 35 or fewer full-time equivalent employees. Eligible
businesses must also have a business plan and receive assistance from
an Iowa Small Business Development Center or another qualified public
or nonprofit business consultant approved by IDED. Additional
restrictions regarding environmental, worker safety, and labor
regulations also apply. Interested businesses should contact their
local Small Business Development Center (www.iowasbdc.org) to confirm
eligibility and start the application process.
Please visit www.ISBLoan.org for
more information. If you have questions regarding the program, contact
Jason Yates with the Iowa Foundation for Microenterprise and Community
Vitality at 515-401-8290 or jyates@iowamicroloan.org.
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