Micro Loans Help Support Entrepreneurs Throughout Region

Since launching in 2016, ECICOG has provided over $238,000 in microloans to local businesses to help with growth and expansion. The micro loans began as a joint venture with the City of Cedar Rapids and the Greater Cedar Rapids Community Foundation and were initially dedicated to businesses within the boundaries of Cedar Rapids. Now the program is available to the entire six-county ECICOG region.

Microloans are small, short-term loans intended to help small businesses grow or further their business goals. Typical loan amounts are $500 - $10,000, with 4% interest rates. Many loans are used for equipment purchases or working capital and require a personal guarantee for collateral. A recent example is Bower's Chiropractic, who borrowed $10,000 for marketing purposes to help with business growth, and has seen firsthand the benefits of utilizing a micro loan.

Contact Contract Administrator Robyn Jacobson to learn more about the various Micro Loans available in the ECICOG region.