Iowa Small Business Loan Program Is Re-Launched

Oct. 30, 2010 - PRLog -- A new business loan program is set up in Iowa to help small businesses and provide them with financial support.  The Iowa Small Business Loan Program (ISBLP) will provide access to $5 million of low interest loans to assist entrepreneurs and small businesses 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.

Iowa small businesses can access loans ranging from $2,500 to $50,000 at an interest rate of 3.9 percent. If an ISBLP loan is combined with financing from a local lender, the interest drops to 2 percent, if the cofinancing is for at least one-third of the total loan package amount. To be eligible, a small business must be located in Iowa; must be owned, operated, and actively managed by a state resident; and have 35 or fewer full-time equivalent employees. Eligible businesses must also have a business plan and receive assistance from an Iowa Small Business Development Center or another qualified public or nonprofit business consultant approved by the Iowa Department of Economic Development. Additional restrictions regarding environmental, employee safety, and labor regulations also apply.

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Original Article URL: http://www.getfastcapital.com/blog/iowa-small-business-lo...

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