Funding Resources
There are many resources available to help you turn your Downtown dreams into reality. Whether you are looking for funding, training or assistance with your business plan, these websites can provide some of the answers to your questions. Financial assistance is available from Southeast Iowa Regional Planning Commission, Iowa Finance Authority/Main Street Iowa, and Downtown Partners. Click on the links to download an application and for additional information.
The Southeast Iowa Revolving Loan Fund is administered by the Southeast Iowa Regional Planning Commission . The primary objective of the Economic Development Administration revolving loan fund (EDA RLF) is private sector job creation and capital formation for expansion or start-up projects and has a goal of creating or retaining one job for each $10,000 lent. Low interest loans are available for up to $125,000 at a competitive interest rate. For more information click on the application or call SEIRPC at 319.753.5107.
The Main Street Mortgage Loan Program is a partnership of the Iowa Finance Authority and Main Street Iowa . Mortgage loans of $50,000 to $250,000 are available for qualified applicants. For more information go here or call the Iowa Finance Authority office in Des Moines at 800.432.7230.
The IowaMicroLoan Program provides loans, grants and technical assistance for startup, expansion, or refinancing of small business entrepreneurs. IowaMicroLoan has created a fund to provide a source of capital for microentrepreneurs who are seeking a direct loan of $5,000 to $35,000 or a co-financing arrangement of up to $105,000. Applicants must have applied for a loan at a traditional credit source and have been denied before either of these opportunities are available. It is a program of the Iowa Foundation for Microenterprise and Community Vitality. For more information, call 515-212-0182, e-mail info@iowamicroloan.org, or go to www.iowamicroloan.org
The Des Moines County Business Plan Competition has officially been launched by the Greater Burlington Partnership. The competition, now in its second year, will award a prize pool of $6,000 in seed capital grants to the winners. The competition is funded by investment pledges received during the organization’s Partnering for the Future campaign.
Visit Des Moines County Business Plan Competition for more information.
Note: Downtown Partners will offer of a $1200 first year’s rent subsidy for a winning entry that decides to locate downtown.
Additional grants and low-interest loans may become available throughout the year.
