Micro-Loan Fund
NIACC Pappajohn Micro-Loan Program
The NIACC Pappajohn Center Micro-Loan Program provides early-stage funding for entrepreneurs who need a small amount of capital to support a business launch or expansion.
This loan is intended for individuals who are pre-bankable or seeking startup funds where a smaller amount of capital can make a meaningful impact. Micro-Loans range from $1,500 to $5,000, with preference given to graduates of NIACC Pappajohn Center entrepreneurial programs.
Who It Is For
The Micro-Loan Program is designed for entrepreneurs who need early-stage funding to move their business forward but may not yet qualify for traditional financing.
As part of the program, borrowers are required to be a client of the NIACC Small Business Development Center and meet with an SBDC counselor at least once per quarter.
Funds Can Be Used For
Micro-Loan funds may be used for:
- Prototype development
- Obtaining intellectual property
- Technical assistance
- Machinery and equipment
- Startup operating costs
- Working capital
- Other approved expenses
Loan Details
- Loan amount: $1,500 to $5,000
- Maximum term: Up to 5 years
- Interest rate: Fixed 4%
- Grace period: First payment due after 60 days
- Payment method: All payments must be made through ACH
Learn More and Apply
For more information about the Micro-Loan Program or to begin the application process, please contact us directly or reach out through our contact form.