(Mason City, IA – Aug. 5, 2008) Paul Katz, owner of Katz Tow & Transport, LLC, received a $2,500 NanoLoan from North Iowa Area Community College’s John Pappajohn Entrepreneurial Center to pay startup costs for his towing and transport business.
“The Pappajohn Center is a wealth of information provided by top-notch business leaders,” Katz said. “I highly recommend them to anyone who is considering their own business! The FastTrac® program is a ‘MUST’ for anyone considering becoming an entrepreneur.”
NIACC JPEC’s NanoLoan program targets a specific, underserved segment of the entrepreneurial community: businesses in the ‘pre-bankable’ phase. NanoLoans represent one part of a selection of financial programs to support North Iowa businesses. NanoLoans up to $2,500 can be used to move a business model farther along in its development by paying for prototype development, patents, equipment, working capital and other start-up costs. Other programs accessible through the NIACC JPEC include revolving loan funds, federal and state programs, North Iowa Venture Capital Funds I & II, Wellmark Venture funding, Farm Bureau and other angel/venture capital funds.
NanoLoan applicants are required to successfully complete the FastTrac® New Venture™ course; a 10-week business boot camp that exposes entrepreneurs to key aspects of being a small business owner and helps them put together a business plan. FastTrac® graduates from NIACC have enjoyed significantly better business survival rates. Over 200 businesses have been founded by graduates since 1997; over 78 percent of them are still in business today. The next FastTrac® New Venture™ course will take place on Thursday evenings from September 18 to November 20 from 6 p.m. to 9:30 p.m.
For more information on the NIACC JPEC NanoLoan program, call (641) 422-4342 or visit www.niacc.edu/pappajohn.