Iowa Offering Loans to Small Businesses

A new state loan program in Iowa designed to help entrepreneurs and small businesses is now accepting applications.

Iowa businesses with less than 35 employees can get a loan up to $50,000 from the Iowa Small Business Loan program.

The program is limited to businesses owned and actively managed by Iowans.

State officials say the loans will be for upgrading or modernizing equipment, transportation, energy efficiency and other purposes.

Gov. Chet Culver’s staff says the Iowa Department of Economic Development has contracted with the Iowa Foundation for Microenterprise and Community Vitality to help with the credit review process and provide recommendations regarding loan decisions.

Information from: The Des Moines Register