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News
Microloans
Available
for Small Businesses
Posted 12 February
2010
Entreprenuers in northeast Iowa now have another financing option to
launch their ideas. The Northeast Iowa Food & Farm Coalition,
or NIFF Coalition, was recently approved as an affiliate of Iowa
Microloan.
“Iowa MicroLoan was created to help Iowans realize their goal of
achieving business success when there is a solid idea, team, and
commitment to make it work,” says Dan Lane, Iowa State University
Extension Program Coordinator. “Iowa MicroLoan was created for
those microbusinesses that are considered on the fringe of risk-bearing
capacity for most traditional financial institutions.”
The NIFF Coalition is one of six Iowa Microloan affiliates in the
state. The NE IA affiliate is focused on loans to agriculture
entrepreneurs especially those interested in local food production,
however all parties interested in the loan program are encouraged to
apply.
“We are excited to bring this financing option to northeast Iowa,” said
Lane. “We heard stories about farmers being denied loans for
small farm equipment and other capital purchases for local food
production because that is a new type of farming for our area.
Iowa Microloan is a good fit for those situations.”
Iowa MicroLoan provides a source of capital for those seeking a direct
loan of $5,000 to $35,000 or a co-financing arrangement of up to
$105,000. Applicants must have applied for a loan at a traditional
credit source and have been denied before either of these opportunities
are available.
One unique feature of the Iowa Microloan program is that it offers a
technical assistance plan of work tailored to the needs of the
business. Successful applicants receive a technical assistance
grant up to $500 per year to assist in the cost of accessing technical
assistance resources and have access to networks of microbusiness
development mentors, coaches, and professionals.
The northeast Iowa affiliate is a synergistic combination of three
partners using their resources to benefit the region. Iowa State
University Extension and the NIFF Coalition along with the Northeast
Iowa Business Network and Upper Explorerland Regional Planning
Commission have combined their resources and talents to spearhead the
program.
For more information about the Northeast Iowa Microloan program,
contact Dan Lane at 563-245-1451, danlane@iastate.edu
or visit www.iowafoodandfitness.org.
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