IOWA INCUBATE & MICROLENDING SERVICES
Iowa was built by people dreaming about owning their businesses and sustaining a good life for their families. Becoming an entrepreneur can be a reality for many people when they take the right steps toward building a solid foundation.
MDC Iowa's INCUBATE and Microlending program targets the emerging, small, and mid-market businesses owned and operated (51%) by low-income or historically marginalized people. Small-dollar and microlending funds for business purposes, startup, recovery, or expansion, including marketing, websites, social media, point-of-sale systems, purchase of equipment and fixtures, inventory, working capital, and improvements.
Small-Dollar Loan Features:
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$500 minimum / $2,500 maximum loan
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Maximum Term: 2 years with the possibility to renew
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Interest rate: 5% APR
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Credit Bureau Reporting to establish or improve credit
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Streamlined application process
Credit Builder Loan Features:
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Loan amount: $500
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Term: 12-month
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Interest rate: 10% APR
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Report payments to establish or improve credit
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Credit monitoring coach
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Orientation for free credit monitoring website access
Microloan Features:
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$5,000 minimum / $50,000 maximum loan
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Max term loan length up to 6 years
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Interest rate: 5% APR
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Credit Bureau Reporting to establish or improve credit
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Streamlined online application process
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Technical Assistance grants for approved expenses
Community Lending Loan Features:
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Loan amount: up to $1,500
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Term: 6-month, biweekly monthly payments
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Interest rate: 5% APR
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Report payments to establish or improve credit
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Group-lending model builds peer support network
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Savings program builds assets and stability
No Interest Emergency Loans
Online Application Coming Soon!
Small Business Small-Dollar-Loans
Community Lending Loans
Small Business Start-up Loans
Online Application Coming Soon!
Consumer Credit Builder Loans
Small Business Microloans