The North Iowa Area Community College John Pappajohn Entrepreneurial Center announces that applications are now being accepted for their NanoLoan Program. The United Way of North Central Iowa and several area financial institutions are partnering with the NIACC JPEC to make funds available for this program.
The NanoLoan Program was created to assist emerging ‘pre-bankable’ new businesses with funds to complete development or expansion. NanoLoans also facilitate the entry of under-represented entrepreneurs (women, minorities and individuals with disabilities) into self-employment and small business ownership.
The United Way of North Central Iowa is working to promote self-sufficiency and financial literacy as a part of their focus on Income. This partnership will achieve that outcome by encouraging entrepreneurship and increasing workforce opportunities.
NanoLoan funds can be used for prototype development, obtaining intellectual property, technical assistance, machinery and equipment, startup operating costs, working capital, and other approved expenses.
NanoLoan amounts are allocated for up to $2,500 and all loans are subject to the availability of funds. Applicants in a recognized business incubator are eligible to apply for a second NanoLoan ($5,000 max).
Applicants are required to complete the FastTrac® NewVenture™ course or other approved business planning curriculum; a business plan; a statement explaining the use of the funds; a personal financial statement; be a pre-bankable emerging business; be a full time, ‘for profit’ business and be physically located within the NIACC Area II region (Butler, Cerro Gordo, Floyd, Franklin, Hancock, Mitchell, Winnebago, Worth and Wright counties).
Applications for the NanoLoan program are accepted by the NIACC JPEC through the Small Business Development Center (SBDC) or the North Iowa Business Incubator/Accelerator on a continuous basis.
We would like to thank the following sponsors for their support of the NanoLoan program: United Way of North Central Iowa, First Citizens National Bank, Manufacturers Bank & Trust, Clear Lake Bank & Trust, First Security Bank & Trust (Charles City), North Iowa Community Credit Union, Cresco Union Savings Bank (CUSB), First National Bank of Hampton, First State Bank (Belmond), First State Bank (Britt), Hampton State Bank, Home Trust & Savings Bank, Liberty Bank, St. Ansgar State Bank and Titonka Savings Bank.
The national NACCE Innovation Award winning NIACC JPEC provides college level courses and degree programs in entrepreneurship, as well as comprehensive consulting services for business start-ups, existing industries and owner transitions in the North Iowa region. Space is available for start-up businesses in the North Iowa Business Incubator. For more information, contact the NIACC JPEC at 641-422-4111.
|
