Lee County MicroLoan Program


 
Lee County MicroLoan was created to provide an alternative source of credit and technical assistance for those microbusinesses and entrepreneurs who have promising and workable business plans but may have difficulty securing a loan from conventional sources. The purpose of this program is to provide extra technical assistance and alternative credit to help Lee County residents realize their goal of achieving business success when there is a solid idea, team, and commitment to make the enterprise work.
 
The Lee County MicroLoan Program is sponsored by a partnership between ISU Extension and Outreach in Lee County and Iowa Microloan. The program is supported by a USDA Rural Business Opportunity Grant.
 

Lee County MicroLoan provides:
  • Loans for start-up, expansion or refinancing of small business entrepreneurs
  • Financing of loans of $5,000 up to $50,000 for a six year term 
  • The Microloan interest rate is currently 7.5 APR (July 2013)
  • Co-financing with a local lender or loan pool up to $150,000
  • Credit approval within 15 working days of receiving a complete credit application and business plan
  • Quarterly visits by an experienced small business coach to help address issues to improve business performance
  • Grants up to $500/client/year for pre-approved reimbursement of technical assistance expenses
  • Access to local, regional, statewide, and online networks of microbusiness development mentors, coaches, and professionals willing to help your business become profitable
  • Assistance in improving your credit score and reducing overall business risk that will allow you to utilize conventional credit resources once you graduate from the Lee County MicroLoan Program.
How You Can Qualify

Borrowers must meet the following eligibility criteria before an application can be accepted:

  • Legal Iowa resident 18 years or older
  • Business must be located in Lee County
  • No more than 10 full time employees
Interested?

Click here to learn about the application process or call Alex Merk at the Lee County Extension Office at 319-835-5116.
 
 

Other Financing Options - Revolving Loan Funds
The Revolving Loan Funds (RLF) in Lee County are another opportunity for your business to obtain additional financing. These programs offer a lower interest rate for gap financing used in conjuction with loans from local lenders. Click here for an overview of the programs in Lee County, and click here for an application.
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