Joel Thilges - First National Bank - Ames, IA
Finding available financing to grow your business is a valuable aspect of Renew Rural Iowa. RVF LP was created as a part of the Iowa Farm Bureau Federation in partnership with other leading organizations including Wellmark Blue Cross Blue Shield, CIPCO, and the Iowa Agriculture Finance Corporation who are committed to supporting the financing needs of Iowa’s rural businesses.
For entrepreneurs who successfully complete the program, a Rural Vitality Fund has been established to assist qualifying businesses. This and the complimentary Rural Vitality Ag Processing Fund are devoted to helping small Iowa companies prosper.
Investments are made into qualified companies resulting in the economic impact they provide on surrounding communities including new job creation, expansions and growth in retail spending.
What We Offer
These funds, intended to work with traditional capital sources offers equity and/or debt infusions to small or mid-sized firms, financial backing and private financing options as well as mentoring for entrepreneurial growth. No subprime loans, grants or forgivable loans are offered.
There are two primary fund restrictions. Companies are evaluated through a due diligence process based on a complete business plan. The plan should offer an executive summary, financial pro-forma with assumptions, current financial statements, debt schedule, capitalization table and the anticipated use of funds. The investment is intended to be used as working capital.
All information provided by applicants is shared with partners for due diligence and is kept confidential and will not be shared publicly.
These funds are intended for formal companies (LLCs and C-corps are preferred) which are in early or growth stages of development. Over the three to five year life of the investment, the total contribution to any one company should be less than $1 million. However, additional funding may be negotiated directly through the Iowa Farm Bureau.
Already, several businesses have been selected to receive funding for ‘next level’ growth opportunities. Businesses from Boone, Dyersville, Maquoketa, and Elkader are among select past recipients.
Other Funding Sources
Renew Rural Iowa will make available to you other possible funding sources including the Iowa Economic Development Authority, a group of venture capitalists, and others which may be appropriate for your consideration.
for more renew rural iowa information call (800) 254-9670