Funding

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.

 


Winneshiek County Biz Booster Challenge is a locally funded grant of up to $12,000. The funds are awarded to a business located within Winneshiek County and takes place every spring. The competition is open to anyone who starts a new business or significantly expands an existing business in the county. For more information about the Biz Booster Challenge, please contact Stephanie Fromm.

Mini-Ag Grants are grants that are locally funded of up to $5,000. The funds are awarded to agriculturally related businesses located within Winneshiek County and takes place every spring. For more information about the Mini-Ag Grants, please 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 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