There are multiple funding opportunities available for businesses in Winneshiek County. If you have additional questions about the following options, feel free to contact Stephanie Fromm.
The Upper Explorerland Regional Planning Commission Revolving Loan Fund is an Intermediary Re-lending Program (IRP), designed to provide financing to new and expanding businesses for which credit is not otherwise available on terms and conditions, which permit completion and/or the successful operation of proposed business activities. The maximum allotted amount for this loan is $150,000.
The MiEnergy Cooperative Rural Economic Development Loan Program (REDLG) is available to promote the creation of jobs and rural economic development. Typically used within MiEnergy Cooperative’s territory. Funds can be used for business finance (buildings, infrastructure, land improvements), essential community facilities/services (industrial park infrastructure, assisted living facilities, etc.), business incubators, educational and medical facilities. Loan amount is determined by MiEnergy board of directors, 10-year maximum term and financing cannot exceed 50% of total project cost. Contact Pat Boyle at 563-547-6227.
The Decorah Area Chamber of Commerce Revolving Loan Fund is an Intermediary Re-lending Program (IRP), designed to provide financing to new and expanding Decorah Businesses where credit is not otherwise available. The loan operates on certain terms and conditions, which permit completion and/or the successful operation of proposed business activities. The maximum allotted amount for this loan is up to $25,000.
U.S Small Business Administration
SBA provides loans to businesses; so the requirements of eligibility are based on specific aspects of the business and its principals. As such, the key factors of eligibility are based on what the business does to receive its income, the character of its ownership and where the business operates.
SBA generally does not specify what businesses are eligible. Rather, the agency outlines what businesses are not eligible. However, there are some universally applicable requirements. To be eligible for assistance, businesses must:
- Operate for profit
- Be small, as defined by SBA
- Be engaged in, or propose to do business in, the United States or its possessions
- Have reasonable invested equity
- Use alternative financial resources, including personal assets, before seeking financial assistance
- Be able to demonstrate a need for the loan proceeds
- Use the funds for a sound business purpose
- Not be delinquent on any existing debt obligations to the U.S. government
For more information about the U.S. Small Business Administration Loans, please visit their website.
USDA Agricultural Loans