Other Resources for Iowa Small Businesses
The state of Iowa provides business owners in Iowa with additional resources, including:
- Assistance with adhering to legal requirements and state licensure
- Assistance with securing federal funding
- Advice for women or minority-owned businesses
We’ve listed a select few of these additional resources below:
IA Source Link
Source Link provides many invaluable services:
- Resource Navigator - can be used to connect entrepreneurs to nonprofits that provide services to help small businesses
- Business Concierge - provides personalized help and business referrals
- Business License Information Center - offers information about business licenses, permits, and regulatory information
- Downtown Resource Center and Main Street Iowa - provides information about IEDA’s downtown development programs
Small Business Innovation Research and Small Business Technology Transfer Outreach Programs
IEDA connects small business innovation research and technology transfer outreach programs with BioConnect Iowa.
This helps businesses apply for federal small business funding. This program also helps entrepreneurs:
- Review their ideas
- Apply for grant applications
- Submit proposals
- Find available matching funds
Business License Information Center
Iowa doesn’t have a general business license, but it offers an online license database that helps business owners find out what licenses they need for their specific business.
University of Iowa
The Office of Veteran’s Business Development (OVBD) helps veterans and spouses by providing them with training, counseling, and mentoring. The Department of Defense also leads with the Transition Assistance Program at military bases worldwide. Boots to Business is relevant for entrepreneurs who plan to embark on a career, after discharge.
Iowa State University
Iowa State University, Small Business Development office, provides free, confidential, customized counseling to help you develop your business.
Both of these schools also offer research and testing facilities for new product development. For more information, contact the campus.
How to Prepare for an Iowa Small Business Loan
A loan application can convince lenders that you’re a reasonable investment risk. Preparation is key. Most are searching for the same three things regarding small business loan requirements in Iowa.
Perhaps the most important document of all, the business plan provides a detailed summary of the product or service that you offer. It should also provide an analysis of your targeted customer base, your local and national competitors, and, finally, financial projections.
Lenders and grant organizations will review this carefully to determine if your goals are attainable, your future growth is realistic, and to see the amount of funding you are eligible for.
Your credit score provides lenders with insight into your spending and payment habits. If you have a good credit score, you will be eligible for more loans and increased financing.
You should monitor your credit score regularly. This way you can fix errors in your credit score, pay your existing loans on time, and prevent any fraud (such as identity theft) from occurring.
You can fix a credit score, but this takes time, so check your scores regularly before applying for a loan.
To prove that your business is serious, you should build a market-ready product as soon as possible that will generate sales. Numbers don’t lie, and you’ll attract lenders by steadily growing your bottom line.