Ref. No. 3310
Legislation passed during the 2010 Iowa legislative session created the Iowa Small Business Loan (ISBL) program, a new loan opportunity for Iowa-based and Iowan-owned small businesses. ISBL received $5 million in funding to help existing and new small businesses in the creation and retention of jobs. To help explain the details of this program and how it can help your small business, NIACC Entrepreneurs’ Exchange will sponsor a free forum on Tuesday, August 31, from 6:00 p.m. to 7:30 p.m., in McAllister Hall, Room 104G, on the NIACC campus. An added bonus for this forum will be a discussion on the recent improvements to the Iowa MicroLoan Program.
The ISBL Program is focused on providing short-term financial assistance to Iowa entrepreneurs and Iowa small businesses. Loans, with a maximum five-year term, are available to help small businesses in their efforts to: upgrade or modernize equipment; realize additional efficiencies in their supply chains; improve their distribution and transportation margins; reduce facility costs through increased energy efficiency; and leverage other sources of business financing.
The loans will range in amount from $2,500 to $50,000 and carry interest rates of 3.9% for direct loans and 2% for bank co-sponsored loans. These loans will only be available for distribution between August 1, 2010 and March 31, 2011, or until funds run out. To qualify for the loan, recipients must provide collateral to secure the entire loan value and follow other criteria of the program.
Jason Yates, Iowa Small Business Loan Program for the Iowa Foundation for Microenterprise and Community Vitality, will be the speaker for this event. Yates will explain the eligibility requirements, loan terms, review and decision process, and how you can apply for a loan through the ISBL program.
Attend this free financial forum to learn more about the ISBL program and see if your small business qualifies. To reserve your spot for this forum, RSVP to the NIACC JPEC at 641-422-4111 or via email at
pappajohn@niacc.edu.
The national NACCE Innovation Award winning 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 comprehensive consulting services for business start-ups, existing industries and owner transitions in the North Iowa region. Space is available for start-up businesses in the North Iowa Business Incubator. For more information, contact the NIACC JPEC at 641-422-4342.
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