(Spencer)– The Iowa Lakes Corridor Development Corporation has been awarded a $10,000 grant from Dakota Business Finance for placing 1st in the number of SBA 504 loans approved in Iowa in 2024 through Dakota BUSINESS Finance by local lenders.
Dakota BUSINESS Finance works with local lenders to provide loans to small businesses to construct, purchase, or renovate a building, install leasehold improvements or long-term machinery and equipment. Typically the lender will provide 50 percent of the financing; SBA/Dakota BUSINESS Finance will provide 40 percent of the financing, with the small business owner contributing the final 10 percent. Loan participants must be for-profit businesses and meet standards set by the SBA.
In the six years of the Community Lender Program, the Iowa Lakes Corridor Development Corporation has received grants in five of those years totalling $23,000.
