A company may be eligible for training funds through the Iowa New Jobs Training program. This program can be administered through either Des Moines Area Community College (DMACC) or Southwestern Community College (SWCC). As few as 10 new jobs being created can make this option viable.

A company may be eligible for cost-sharing funds to help with training funds for additional employees. The company is required to match 25% in cash of any training cost above $5,000. The maximum assistance in this program is $25,000. The loan becomes forgiveable if a business completes its training program and trains the specified number of employees. This program is also administered by DMACC or SWCC.

Financing assistance can be arranged for major fixed asset purchases such as land, buildings or equipment. The 504 loan program can provide competitive long-term fixed rates. Financial institutions provide approximately 50% of the project cost; IBG can provide up to 40% and the owner only needing to supply in some cases as little as 10%. IBG can also assist in packaging of applications for traditional SBA- guaranteed loans called 7A. Working closely with you and the bank of your choice, they can improve your requests likelihood of getting approved.

The Iowa Department of Economic Development offers an array of financial assistance programs to aid businesses with their expansions. Funds are awarded from the Community Economic Betterment Account (CEBA) and the Economic Development Set-Aside (EDSA) programs based on factors such as job creation, employee wage rates, competition with other Iowa firms, and impact of the project on the economy of the political subdivision of the state. A political subdivision applies for the funds on behalf of the company. The funds may be awarded as a forgivable loan, low- or no-interest loan, or principal or interest rate buy-down on a loan. Funding for rail and road improvements is available through the Iowa Department of Transportation’s Revitalize Iowa’s Sound Economy (RISE) program.

The Iowa Department of Economic Development provides loans or grants up to a maximum of $50,000 to Iowa businesses that are at least 51% owned and actively managed by minorities, women, or persons with disabilities. The business must be certified as a “Targeted Small Business” prior to applying. The loans are made by local financial institutions and linked to low-cost funds provided by the state.