A fresh new revolving loan fund program is to be set up for existing small businesses by the North Iowa Corridor Development Corporation. This program is going to fill in the gaps in financing that small and emerging business of Cerro Gordo County encounter. Small businesses that concentrate on job creation and focuses on capital investment shall find the requisite fund with this new revolving loan grant program.
Cerro Gordo County received Rural Business Enterprise Grant (RBEG) from the US Department of Agriculture (USDA) in 2008 for creating a fund pool so as to extend help to small businesses. It is the repayment of the RBEG by US businesses that allowed the formation of a new fund, the “North Iowa Corridor Small Business Revolving Loan Fund” for the region. This has been made possible due to close co-ordination between the corridor and USDA.
This fund is used to provide gap financing whereby loans are disbursed to small businesses when other financing sources have closed their doors. The requirements to qualify for the grant are businesses should have a presence in Cerro Gordo County, should employ less than 50 workers, have gross annual sales of at-least less than $1 million and should also fulfill other criteria. The loans will be limited to $10,000 per applicant and will not compete with traditional business finance sources.
The “North Iowa Corridor Small Business Revolving Loan Fund” will provide assistance to small businesses when other funding options are absent.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to