While in Iowa this week, President Obama and the Iowa Department of Economic Development (IDED) announced a new initiative to revitalize rural communities by helping small businesses create new jobs. The initiative will spur new private sector jobs and leverage an additional $132 million in private small-businesses lending in Iowa.|From Rep. Sharon Steckman
While in Iowa this week, President Obama and the Iowa Department of Economic Development (IDED) announced a new initiative to revitalize rural communities by helping small businesses create new jobs. The initiative will spur new private sector jobs and leverage an additional $132 million in private small-businesses lending in Iowa.
Called the Small Business Jobs Act, Iowa will use federal funds to leverage private investment to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs. Iowa will access $13.2 million from the State Small Business Credit Initiative (SSBCI), which leverages $10 in new private lending for every $1 in federal funding.
The Department of Economic Development plans to use these funds to support the launch of the Iowa Capital Access Program and enhance the existing Iowa Demonstration Fund Program and the Iowa Small Business Loan Program. The Capital Access Program will target outreach specifically to rural communities throughout the state.
The Iowa Small Business Loan program will use the funding to provide participation loans in conjunction with private financing to support small businesses. The Demonstration Fund encourages commercialization activities by small and medium-sized Iowa companies in the areas of product refinement, market planning and market entry activities to foster competitive companies that create jobs in Iowa.
For more information on the award to Iowa, the Iowa Capital Access Program, the Iowa Demonstration Fund or the Iowa Small Business Loan Program, visit www.iowalifechanging.com.|
