Small businesses in Iowa have a plethora of new lending sources to tap including a measure that allows them to qualify for low-interest loans through their credit union or bank.
Topping the list is a $5.2 million small business loan fund created to help small businesses and entrepreneurs expand and create jobs, according to Iowa Rep. Bob Kressig (D-Cedar Falls), who serves on the board at $1.6 billion Veridian Credit Union. The Save Our Small Business Fund will provide loans up to $50,000 to small businesses with less than 35 employees. Businesses will also be able to qualify for low-interest loans through their credit union or bank.
Iowa's legislature shifted dollars away from large Wall Street companies and moved some of those dollars to support struggling Main Street businesses whose success will benefit more Iowans, a move that will save $88 million for employers in unemployment insurance taxes, according to Kressig.
An additional $100,000 for small business development centers will provide one on one counseling and support to small businesses at 15 locations across Iowa.