Southwest Iowa loan fund launches to aid local small businesses
December 18, 2020 | TS Bank
Council Bluffs, IA, December 18, 2020 - The Nebraska Enterprise Fund (NEF), a Small Business Administration (SBA) micro-lender and Certified Community Development Financial Institution (CDFI), established in 1994, has expanded its chapter to Iowa through the Southwest Iowa Loan Fund, where TS Bank recently granted $2,500 for local small business owners and entrepreneurs.
The Southwest Iowa Loan Fund will offer direct loans to businesses and fill financing gaps in participation with other lenders and programs. The fund also assists in entrepreneurial training and business development services.
Over the past five years, NEF has provided $14.9 Million to small and micro-businesses in Nebraska through 368 loans, which has impacted 1,977 jobs. The program collaborates with local eco-systems to create more pathways of sustainability for local, small businesses.
Jim Reiff, the executive director of NEF stated, “NEF is delighted to expand its services to reach the small businesses of Southwest Iowa. We look forward to collaborating with the local business communities, TS Bank and the overall banking sector, and other resource providers to increase access to capital and technical assistance to strengthen the small business eco-system in southwest Iowa.”
TS Bank employees were intricately involved in initial conversations in late 2018 to help kickoff local efforts. Additional partners in the fund include FNBO and US Bank as well as Iowa West, Charles E. Lakin and Peter Kiewit Foundations.
The Southwest Iowa Loan Fund will help support viable businesses with cash flow, create a strong marketing plan and assist with any collateral challenges. The current focus is small businesses in Pottawattamie County, but the fund plans to expand to 6-12 nearby counties long-term.
TS Bank helped save over 2,846 paychecks with the SBA Paycheck Protection Program last spring amidst the COVID-19 pandemic. Stepping into a long-range assistance program for small businesses with NEF is a win-win for both small business owners and financial institutions.
“Small businesses are the lifeblood of any community and NEF will serve a vital role in connecting local entrepreneurs to capital, training, and growth opportunities. The mission of NEF aligns with TS Bank’s philosophy to Ignite Prosperity® in the communities we serve and we are proud to be a partner. This is another piece of the puzzle to make Council Bluffs and southwest Iowa a great place to start and grow a business,” concluded Dave Wise, SVP of business banking of TS Bank.
To learn more about the Southwest Iowa Loan Fund, visit www.nebbiz.org or call 402.685.5500.
Pictured above: Dave Wise, SVP of Business Banking, Jim Reiff, NEF Executive Director and Kristine Plunkett, SWI Business Mentor/Loan Officer
About TS Bank: TS Bank’s mission is to Ignite Prosperity® in the communities it serves. Leading the resurgence of community banking, TS Bank reinvests 10% of their net income locally; hosting educational events and partners with local organizations and non-profits. TS Bank was chartered in 1923 and has $365 million in assets, along with the largest Iowa state-chartered C-Corp trust department west of Des Moines at nearly $218 million in assets named TS Prosperity Group. Locations include Treynor, Macedonia, Atlantic, Corning, Council Bluffs and Ames, Iowa. For more information visit tsbank.com.