Representatives from more than 30 Webster City area businesses showed up to learn about the various funding opportunities available to them through the Small Business Development Center — Iowa, and venture capital organizations on October 3. The event was sponsored by the Webster City Area Chamber of Commerce, the Hamilton County Growth Partnership and the Small Business Development Center — Iowa.

Audra Fisher cast her gaze around the Sampson Room in Fuller Hall recently and smiled.

“It’s an impressive turnout,” said Fisher. “A good turnout is about 18. The most we have had was around 90 in West Des Moines.”

Fisher is manager of Customer Relations with America’s Small Business Development Center — Iowa of Ames. She was in Webster City to explain the programs her organization can offer small businesses.

And she brought with her panelists, who included Megan Brandt, innovation project manager with the Iowa Economic Development Authority – IEDA of Des Moines; Micah Walker, an investment analyst with InnoVenture Iowa of Des Moines; Carrie Peters, contract business counselor for SBDC of Ames; and Charles Clayton, business counselor of the North Central Iowa SBDC out of Fort Dodge.

The diverse audience included bankers, manufacturers, retailers and other entrepreneurs. Some were already in business, some were considering going into business. All of them were all interested in the financial assistance that can encourage growth in the community.

The presentation, which took place at Fuller Hall on October 3, opened with Fisher asking if anyone in the room was familiar with SSBCI.

A few hesitated in responding. So she explained:

“The State Small Business Credit Initiative — SSBCI — is a $96 million investment designed to help grow Iowa’s small businesses, startups and manufacturers. The funding is available through the U.S. Treasury Department’s SSBCI, a small business aid program that was expanded through the federal American Rescue Plan Act. The Treasury Department approved Iowa’s amount based on a plan submitted by the Iowa Economic Development Authority — IEDA.”

Any type of business can apply for the small business collateral support program, which helps secure the collateral gap for loans ranging in size from $50,000 to $250,000. There are exceptions; it cannot be used for purchasing farmland or farm equipment, it cannot be used for adult entertainment, it cannot be used to pay off an existing loan.

The Loan Participation Program for manufacturing offers loans that may range in size of $100,000 up to $10 million. This program helps offset risk for traditional lenders.

VentureNet Iowa offers a loan program for startups for $50,000 or less. A $500,000 loan, according to VentureNet’s criteria, would require a private match.

The program is compared to the television show “Shark Tank”; the potential business would need to pitch its idea, it must be based in Iowa or have significant operations in Iowa, it needs to have a lead investor, and it must need less than $2 million.

A final element to the Fuller Hall presentation were the tools and guidance provided through America’s Small Business Development Center — Iowa.

The panel presentation was co-hosted by the Webster City Area Chamber of Commerce, Hamilton County Growth Partnership and America’s Small Business Development Center — Iowa.

More than 30 people attended the session in Webster City.

For more information about any of the programs or presenters, contact the Webster City Area Chamber of Commerce at 515-832-2564.