Mason City, IA – Oct. 22, 2008 - Marty and Jennifer Frank, owners of J&M Services, have received a $2,500 NanoLoan from North Iowa Area Community College’s John Pappajohn Entrepreneurial Center.
Funding from the NanoLoan will go toward the purchase of additional tools and equipment allowing the company to work on larger projects. J&M Services is a small construction contractor based in Mason City focusing on small fix-up projects. Initially, the company will provide contracting services for rental property owners in the area; however, Marty has experience in all phases of construction. Jennifer will manage the business side for the partnership.
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 of 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 with over 200 businesses founded by graduates since 1997 and over 78% of them still in business today. The next FastTrac® New Venture™ course will take place on Thursdays from February 19 to April 23 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.
The John Pappajohn Entrepreneurial Center is located on the North Iowa Area Community College campus in Mason City, Iowa and provides college level courses and degree programs in entrepreneurship, as well as comprehensive consulting services for business start-ups, existing industries and owner transitions in the North Iowa region. Limited space is still available in the new North Iowa Business Incubator for start-up businesses. For more information, contact the NIACC JPEC at 641-422-4342.