Here at Grow Clinton, we are diligently growing our Entrepreneurial ecosystem. We just came from Downtown Conference in Iowa and have multiple meetings with entrepreneurship networks coming up. These will result in even more resources for our community.
On August 12, we hosted the State Small Business Credit Initiative from multiple partners. This is a $96 million fund available to Iowa’s small businesses, startups, and manufacturers.
For manufacturers take note of the Loan Participation Program for Manufacturing 4.0 Investments. IEDA will purchase up to 20% of the loan to help offset risk for traditional lenders if the loan is funding new technologies in industry. There are eligibility requirements. Mainly have to be under 500 employees across all locations & divisions.
The Small Business Collateral Support Program provides gap financing to Iowa small businesses. The loan is for between $50,000 to $250,000. A lender can apply to close the gap. This is not free money; it’s a way to secure a loan. It can be used for startup, generate more working capital, invest in new employees, inventory, and other items.
The other two programs were venture related. Venture Net Iowa and Innoventure Iowa. Both provide detailed impacts.
If you are a lender, and want to get involved in this programs visit this website: https://opportunityiowa.gov/business/small-business-entrepreneurs/small-business-resources/state-small-business-credit-initiative-ssbci
Reminder August 26 is our next Conor and SBDC session. This session is on discovering your customers and retaining them. We meet at 2pm in the Grow Clinton office.