Financing opportunities Iowa MicroLoan
Here are two loan opportunities to think about:
- Iowa MicroLoans
- Iowa Small Business Loan Program (ISB Loan Program)
1. Need a loan but you struggle to get credit from a bank or other lender? Iowa MicroLoans are available with the Iowa Foundation for Microenterprise and Community Vitality based in Boone, Iowa. They are available to all entrepreneurs and offer loans up to $30,000 amortized up to 6 years. This credit can be used for almost anything for your business, including many things that other lenders are more hesitant to finance such as assets that fully depreciate before the end of the loan term.
These loans come with a high interest rate (9.875%), but don’t be scared! Folks who get a microloan can apply for a $500 credit annually for reimbursement of educational expenses (like conferences, software, etc.).
Iowa Microloans, led by President and Senior Loan Administrator, Craig Downs, is the go-to place in Iowa to access the Small Business Administration (SBA) Microloan Program. With a staff of four, the team works one-on-one as business coaches, strategists and advocates of about 35 entrepreneurs around Iowa each year (five of which this year are farming related). They are helping business managers build jobs in all industries from agriculture to technology.
Contact Craig Downs – President and Senior Loan Administrator
P.O. Box 793
915 8th Street, Suite 205
Boone, IA 50036
2. The Iowa Small Business Loan Program, or ISB Loan Program, is a second loan option available with this organization. It is a course of capital to cover start up costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes.
- The size of accepted loans range from $5,000 to $100,000.
- Terms at maximum, 5 years
- Interest rate is 7.5%
- Collateral must be offered equal to 100% of the loan value
Contact Jason Yates with IowaMicroLoan