Woodbury County, Iowa has been working hard to develop their regional economy through agriculture. Last week they posted a press release announcing a county based loan program designed to support local business growth.
“We have seen millions of taxpayer dollars used to attract large outside companies to locate in the area. What we also need to do is to invest in our own people to create or expand locally owned businesses,” said Rob Marqusee, Director of Rural Economic Development for Woodbury County. The ‘Investing in Woodbury County’ Loan Program is meant primarily to benefit entrepreneurs of the county who would not otherwise, but for this program, be able to start or expand a business. The program does not specifically direct what businesses the county will support. Opportunities are limited only by the imagination and the need for sound business initiatives.
The Loan Program will make available a total of $1,000,000 in loans to qualifying county residents at a target interest rate of two percent (2%). The costs associated with administering the “Investing in Woodbury County Loan Program” will not be from a tax levy, but from a source of funds is to be established by the Board of Supervisors prior to September 1, 2010. The specific application process, as well as objective criteria for making loans, will be posted on the woodburyiowa.com website on September 1, 2010.