SCCF

Story County Community Foundation is investing in microenterprise development to strengthen and enhance the lives of the families in Story County

Successful small businesses are the heartbeat of any thriving community, regardless if it is urban or rural. Story County Community Foundation recognizes the importance of supporting and encouraging emerging businesses to add economic strength and civic vitality to Story County.

Beginning in June 2006, a collaborative project emerged to identify gaps in Iowa's entrepreneurial development system, review innovative models for addressing the gaps, and develop a strategy for addressing the gaps using existing Iowa institutions, expertise, products and services as much as possible without duplicating efforts. The greatest gaps identified from surveys and interviews with lenders and technical assistance providers were lack of:
1. capital availability for small entrepreneurs requesting less than $50,000 and some unique entrepreneurial ventures up to $250,000
2. coordination in resources and technical assistance for small entrepreneurial businesses
3. designated support for businesses with fewer than five employees

Using a $1 million grant from the Community Foundation of Greater Des Moines and the Northwest Area Foundation, a statewide consortium of Iowa community and business development organizations launched a microloan and technical assistance program with the goal of helping Iowa's microenterprises, businesses with less than five workers, to start or to expand.

The recently chartered nonprofit group, named the Iowa Foundation for Microenterprise and Community Vitality (IFMCV), provides a statewide mechanism for Iowa's micro entrepreneurs to connect with community development agencies for assistance. Among the groups spearheading the effort are the Community Foundation of Greater Des Moines and the Community Vitality Center (CVC), a policy analysis center based at Iowa State University. Story County Community Foundation is proud to be a primary partner in this collaboration.

The IMAP grants will help fund memberships and dues to professional organizations that will further the goals of the small business. Grants can be used to join a professional group, chamber of commerce, main street group, or any other tax-exempt group that will help the small business succeed.

The grant application is easy to complete, is for a maximum of $250, and is due by May 1, 2012

One of the goals of the Story County IMAP is to increase opportunities in the county for microenterprises to start or grow. A microenterprise is a small business with less than five employees. Microenterprise accounts for 86% of all businesses in Iowa and 17% of all jobs in Iowa. The majority of microenterprise businesses are home-based businesses and/or proprietor-owned firms without employees.