Corridor awarded grant by Dakota BUSINESS Finance
20 Jan 2025
News, News Release, Press Release
Dakota BUSINESS Finance awarded Iowa Lakes Corridor Development Corporation a $10,000 grant 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; and the small business owner will contribute the remaining 10 percent.
SBA/Dakota BUSINESS Finance's portion of the project is a direct loan from SBA, which sells the loans as bonds (or debentures) to investors on a monthly basis. Loan participants must be for-profit businesses and meet standards set by SBA.
The Community Lender Awards were established in 2019 to give back to the communities in which Dakota BUSINESS Finance does loans. The prizes are awarded based on the number of loans approved in the Fiscal year per community. Only communities of less than 50,000 are eligible to participate. These grants are to put money back into these communities served, and to assist with local business development.
“The Iowa Lakes Corridor is appreciative of the commitment of Dakota BUSINESS Finance to supporting rural communities,” said Corridor President and CEO Curt Strouth. “These funds will support programming that benefits small businesses throughout the Corridor region. The two projects completed in 2024 through these two SBA 504 loans are exciting, and we hope to continue momentum with future loans as well.”
In the six years of the Community Lender Program, the Iowa Lakes Corridor Development Corporation has received grants in five of those years totaling $23,000.
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About the Iowa Lakes Corridor
The Iowa Lakes Corridor Development Corporation is the regional economic development agency for Buena Vista, Clay, Dickinson and Emmet counties. Its mission is to foster, encourage, aid, promote or otherwise assist in the economic growth and development of the region. For more information about the Iowa Lakes Corridor Development Corporation, call 712-264-3474 or visit www.lakescorridor.com
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