Iowa Economic Development Authority Proposes Main Street Business Loans

The director of the Iowa Economic Development Authority is proposing a revolving loan fund for Main Street businesses in the state. Debi Durham isn’t ready to say how large she’d like the fund to be, but she’s asked the state’s bankers if they’ll manage the loans for businesses in Iowa’s rural communities. Durham said, “it’s ready, so it’s just a matter of when the legislature convenes, presenting something to them.” Durham’s agency distributed 24-million dollars in state grants to hundreds of small businesses earlier this month – but nearly 14-thousand applied. Durham also plans to ask lawmakers to financially support other programs aimed at Iowa’s small business sector. The legislative session is currently suspended during the COVID-19 outbreak but must pass a state budget before July.