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Find similar grantsNo deadline listed; apply through a lender, who submits online application to Treasurer's Office. Program is a loan program, not a grant.
Linked Investments for Tomorrow (LIFT) Program is sponsored by Iowa State Treasurer's Office. Provides capital for small businesses owned and operated by Iowa residents, with a portion allocated for businesses owned by women, minorities, veterans, or persons with disabilities.
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LIFT: Linked Investments for Tomorrow | iowatreasurer. gov LIFT: Linked Investments for Tomorrow LIFT: Linked Investments for Tomorrow If you are a person seeking funds to create a small business or expand your current small business, then look no further than the State Treasurer’s Linked Investments for Tomorrow (LIFT) program. LIFT provides capital to small businesses owned and operated by Iowa residents.
One-half of the monies allocated for the program will be available to small businesses that are 51% or more owned, operated and actively managed by one or more women, minority persons, persons with disabilities or veterans. Interested small businesses must contact their financial institution to complete the normal lending process.
Lenders will then submit an online application for borrowers and businesses they believe are eligible to the State Treasurer’s Office for review. Once approved, the State Treasurer will purchase a certificate of deposit (CD) from the financial institution for a rate three percent below the one-year Treasury bill rate, with a minimum rate of one percent.
The financial institution will loan those funds to the borrower at a rate up to, but not exceeding, four percent above the CD rate. The maximum amount available to the borrower is $200,000 for a total term of up to five years. The State Treasurer’s Office does not guarantee the loan nor is the CD collateral for the loan.
For more information, visit IowaLift. gov . Learn More at IowaLift.
gov The combined net worth of the borrowers and owners of the business cannot exceed $975,000. Existing small businesses must have annual gross sales of $2 million or less at the time of application. The maximum amount of assistance that a borrower or business may receive is $200,000.
Loan proceeds shall not be used to finance existing debt. The business must be for-profit. The borrower must not have received financial assistance from the LIFT program prior to July 1, 2006.
Home businesses must qualify for a tax deduction for that portion of the home used for business pursuant to regulations of the Internal Revenue Service. Loan proceeds cannot be used for real estate investments, rental, leasing or speculation. Liquor, beer and wine sales must not exceed 20% of annual sales for establishments holding a class “C” liquor license.
Borrowers cannot be delinquent in making child support payments or any other payments due to the State.
According to the current listing, eligibility includes: Small businesses owned and operated by Iowa residents, with specific allocations for businesses owned by women, minorities, veterans, or persons with disabilities. Confirm the full requirements in the official notice before applying.
The current listing shows up to $200,000 per borrower, up to 5 year term. Verify award ceilings, matching requirements, and allowable costs in the official notice.
Linked Investments for Tomorrow (LIFT) Program is funded by Iowa State Treasurer's Office. Verify program details on the funder's official page before applying.
This opportunity targets applicants in Iowa. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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