(Spencer)– The Iowa Lakes Corridor Development Corporation has received recognition for some small business loans awarded in partnership with Dakota Business Finance.
Two awards were made through the SBA program locally in 2021, including one for $5,000 in Milford, which received a 1st place recognition. The corridor also received a second place recognition for a $1,000 loan for a project in Spirit Lake.
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 provides 50 percent of the financing with the SBA/Dakota BUSINESS Finance portion amounting to 40 percent of the funding, with the business owner kicking in the remaining 10 percent.
