In an announcement from Governor Chet Culver, we learned today that Iowa Western Community College in Council Bluffs, Iowa is among 44 Iowa recipients of grants designed to create jobs by helping businesses get started or expand in rural areas. Governor Culver highlighted these awards from the Federal American Recovery and Reinvestment Act.
IWCC Entrepreneurial Center and Economic Development will use these funds for a revolving loan fund. Low interest loans will be available for small business expansions and start-ups in rural southwest Iowa. Counties covered include Cass, Fremont, Harrison, Mills, Page, Shelby and rural Pottawattamie counties. To qualify, the community needs to be under 50,000 population.
We keep hearing that the best time to start or expand small businesses is during economic downturns. That has been a difficult pill to swallow when financing a new venture or expansion is nearly impossible. This new revolving loan fund will offer businesses a small boost to help them start or grow. The fund will be only $112,000 to start so we are not talking about huge business loans. We expect loans to be under $10,000. But with a carefully planned business plan, $10,000 could go a long way.
The IWCC Entrepreneurial Center and SBDC just found out about this award today so no details have been ironed out. Keep tuned to this blog and the IWCC E Center website and Facebook Fan Page for details.
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