Cedar Rapids MICRO Loan program supports local entrepreneurs

Small businesses and entrepreneur's play an important role in the economic development efforts of our community. Until recently, those lacking the ability to get a loan from a traditional financial institution had few options to turn their dreams into a reality.

Thanks to a collaborative effort with the City of Cedar Rapids, the Greater Cedar Rapids Community Foundation, the East Central Iowa Council on Governments, SCORE, the Cedar Rapids Public Library and various area financial institutions, the path toward business ownership has overcome one large obstacle; connecting entrepreneurs with the capital and resources they need to get started.

The Cedar Rapids MICRO Loan program allows individuals to borrow between $1,000 and $10,000 for up to three years at four percent interest. In addition to startup capital, the program offers assistance, mentoring and resources to craft a compelling and well-researched business plan. Once approved, resources are in place to continue that support throughout the life of the loan. All Cedar Rapids start-ups or expansions are eligible, but people with ideas for core neighborhoods are especially encouraged to apply.

Cedar Rapids has come a long way since the flood of 2008, but we can't become complacent. We need to ensure that our community attracts and maintains the best businesses and creative, motivated people. To be successful in that endeavor, we must continue to encourage entrepreneurism and make the tools to start a business more accessible to everyone. Successful entrepreneurs lead to increased job creation, new niche markets, and cutting-edge innovation. It is our goal for Cedar Rapids to be a place where visionaries and business people of all kinds feel supported in taking risks, and the MICRO Loan Program was designed to enable that.

To learn more about the MICRO Loan program, visit www.ecicog.org/micro or stop by the Cedar Rapids library.

' Jasmine Almoayed is the Economic Development Manager for the City of Cedar Rapids.