Where to find help with your Iowa business – Part 2: the Iowa Foundation for Microenterprise and Community Vitality

So you're thinking about starting a business, but don't quite have enough money saved up for launch? Did you know that the Iowa Foundation for Microenterprise and Community Vitality helps manage two different programs that assists Iowa entrepreneurs secure funding? Since funding concerns are such a common challenge for small business start-ups, the Iowa Foundation for Microenterprise and Community Vitality will be the focus of this blog post. Specifically, we'll cover both the Iowa Small Business Loan and IowaMicroLoan Programs. These two programs are designed for two different types of applicants. Depending upon your personal financial situation, one or the other may be a better fit.

IowaMicroLoan

The IowaMicroLoan was created to give Iowans who may not have a perfect credit score, still have the opportunity to secure small business funding. Since the focus is on entrepreneurs who are often overlooked by lenders due to their perceived risk, a letter stating that you have been turned down by a traditional lender (e.g. bank, credit union, etc) is required in order to apply for funding from the IowaMicroLoan program. Other requirements include Iowa residency, and your business must have fewer than 10 employees.

The IowaMicroLoan program is unique in a few different ways. First, you can use the IowaMicroLoan to help you build your credit. Through the program, you are also allotted a yearly $500 grant to help you with your business (some examples of how this money can be used include: hiring assistance from an attorney or accountant, or enrolling into a QuickBooks class). Other key terms of the program include financing assistance of up to $50,000 for a six year term at 9.875% interest.

To apply for financing from this program, checkout the IowaMicroLoan Homepage.

Iowa Small Business Loan Program

The Iowa Small Business Loan Program (ISB) is another financial assistance program for entrepreneurs or small business owners in Iowa who are looking for money for their business. Eligible uses of the funds include making improvements to your supply chain, reducing facility costs by 'greening' your business, and to leverage additional money from other lenders. You can also use the money to purchase and/or upgrade your equipment. You can check whether your business is eligible for assistance here.

Over the course of last year, we had a series of webinars about the Iowa Small Business Loan program, you can choose which one to watch below:

• Iowa Small Business Loan Program Overview with Representative Kurt Swaim
• Iowa Small Business Loan Program Overview with Representative Phyllis Thede
• Iowa Small Business Loan Program Overview with Representative Nathan Reichert
• Iowa Small Business Loan Program Overview with Representative Bob Kressig

This blog is a repost from MyEntre.Net, read the original post here.