$4 Million in Funds Still Available from Iowa Small Business Loan Program
Posted: 02/08/2011

Deadline to apply is March 1, 2011

The Iowa Small Business Loan Program (ISB) still has $4 million available for qualified small businesses in Iowa to:

  1. Upgrade or modernize equipment;
  2. Realize additional efficiencies in their supply chains;
  3. Improve distribution and transportation margins;
  4. Reduce facility costs through increased energy efficiency; and
  5. Leverage other sources of business financing.

Existing small business owners must work with their nearest Small Business Development Center (SBDC) or a business consultant approved by the Iowa Department of Economic Development to make sure they are eligible to apply for the loan. However, a full-fledged formal business plan is not required. You can borrow from $2,500 up to $50,000 with 5 years to repay and an interest rate of 3.9%. Search for your nearest SBDCs at http://www.iowasbdc.org/. The SBDC (or approved consultant) will review or assist with your business plan and forward your information to the ISB Loan Program administrator.

The Iowa Legislature appropriated $5 million to the Iowa Department of Economic Development for the ISB program, which was created by 2010 Iowa Acts, Senate File 2389, sections 41 through 44.

The deadline for loan applications is March 1, 2011. The program ends on March 31, 2011.

For more information, go to the ISB website at http://www.isbloan.org/.