How We Can Help — Introduction
IowaMicroLoan has created a fund to provide a source of capital for microentrepreneurs who are seeking a direct loan of $5,000 to $50,000 or a co-financing arrangement of up to $150,000. Applicants must have applied for a loan at a traditional credit source and have been denied before either of these opportunities are available.
How IowaMicroLoan can help you:
- Loans for start-up, expansion, and refinancing of small business entrepreneurs
- A technical assistance plan of work tailored to the needs of your business
- A technical assistance grant up to $500/client/year to assist in the cost of accessing technical assistance resources
- Access to networks of local, regional, statewide, and online microbusiness development mentors, coaches, and professionals willing to help your business become profitable.
- Assistance in improving your credit scores and overall business risk that will allow you to utilize traditional credit resources once you graduate from IowaMicroLoan.
Once you have downloaded, completed and submitted the IowaMicroLoan Credit applicaiton, our loan administrator will review your documents and advise you of the status of your credit application. If the application is accepted as eligible and complete, we will inform you within 10 working days as to the decision of the loan committee reviewing your credit application. We will begin processing your IowaMicroLoan documents and make closing arrangements at that time.
IowaMicroLoan loan terms:
- $5,000 minimum
- $50,000 maximum (may be a combination of IowaMicroLoans)
- 8.125% Interest
- 6 Year term
- Electronically debited loan payments in accordance to cashflow budget
- IowaMicroLoan funds may not be used for the purchase of real estate or as a line of credit.
- Co-financing opportunities to work with local lenders and loan pools up to $150,000