Des Moines, Iowa — With an eye toward supporting small business development in small towns, Wells Fargo has awarded a $200,000 grant to the Iowa Rural Development Council (IRDC) to establish a new program to assist existing businesses, start-ups and entrepreneurs.
The Rural Business Initiative will provide grants of at least $30,000 to community organizations that work with small businesses, dollars that can be directed to the businesses themselves for capital costs, soft costs, training or strategic planning.
“This is a great opportunity for the Council to leverage its broad network of partners and support small businesses in targeted communities,” said IRDC Board President Mark Reinig. “We appreciate the support from Wells Fargo and its vision for small business success in rural places. The IRDC is eager to get started!”
The IRDC Rural Business Initiative will select a handful of rural communities for technical assistance, training and targeted grants intended to support small businesses and entrepreneurial development. The communities must be rural and located within 30 miles of an Iowa Wells Fargo branch office. An application process for communities to express their interest will open August 1, 2024, with information to be located at www.iowardc.org.
“We think this is a chance to support places that are working to build their small business environment, with an eye toward communities that have under-represented populations among business owners or entrepreneurs,” Reinig said. “We’re also excited that Wells Fargo employees will have an opportunity to engage with these communities and small businesses.”
The IRDC will collaborate with the Iowa Small Business Development Centers, the Iowa Center for Economic Success, state regents institutions and the state of Iowa to maximize resources to the pilot communities.
The Iowa Rural Development Council is a statewide public-private non-profit organization focused on rural vitality and local capacity that will sustain and grow Iowa’s small towns. For more information, email director@iowardc.org.
