The North Iowa Area Community College (NIACC) John Pappajohn Entrepreneurial Center (JPEC) is now accepting applications for the NIACC JPEC Revolving Loan Fund.

Earlier this year, the NIACC JPEC received a $99,000 grant from the United States Department of Agriculture Rural Development to develop the fund. Matching funds, which were necessary in order to receive this grant, were provided by NIACC. Counties that will be serviced by the Revolving Loan Fund include Winnebago, Worth, Mitchell, Hancock, Cerro Gordo, Floyd, Wright, Franklin and Butler.

The program was designed to assist with new business development or expansion of existing businesses. It is the goal of the RLF to provide job creation or job retention as a result of the loan. Project activities which can be funded with Revolving Loan Funds include, but are not limited to: machinery and equipment, furniture and fixtures, startup operating cost and working capital for business startup, expansion activities and technical assistance for private business enterprises.

Revolving Loan Funds cannot be used to produce agriculture products through growing, cultivation and harvesting. Applicants with the greatest anticipated economic impact for the community will receive the greatest priority.

Applications are available from the NIACC JPEC, Small Business Development Center, or the North Iowa Business Accelerator. All completed applications will be reviewed by a loan review committee within 30 days of receipt. Applicants will be formally notified of approval, contingency approval, or denial within 10 days of review. There is a $100 application fee.

For more information, please contact Tim Putnam at putnatim@niacc.edu or 641-422-4192.

The John Pappajohn Entrepreneurial Center is located on the North Iowa Area Community College campus in Mason City and provides college level courses and degree programs in entrepreneurship, as well as consulting services for business start-ups and existing industries in the North Iowa region. The Center also provides FastTrac ^{® training programs both for beginning companies and existing companies. For additional information or support services please call 641-422-4111.}