Business financing in Boone County.

Small business financing is money you borrow — or receive as a grant — to start, grow, or stabilize a business. In Boone County, that might mean funding a new piece of equipment for a landscaping operation, covering a slow season for a small contractor, purchasing a rental property, or opening a storefront on Story Street.

The most common types include:

• **Term loans** — a lump sum repaid over months or years with interest.

• **Lines of credit** — flexible funds you draw on as needed and repay as you go.

• **Microloans** — smaller loans (often under $50,000) ideal for startups or sole proprietors.

• **SBA-backed loans** — loans made by local lenders but partially guaranteed by the U.S. Small Business Administration, which reduces risk for the lender and can mean better terms for you.

• **Equipment financing** — loans tied specifically to a piece of equipment, which often serves as the collateral.

• **Real estate investment loans** — financing for purchasing, improving, or refinancing income-producing property.

• **Grants** — money you do not repay, typically tied to specific uses, industries, or community goals.

No single product fits every situation. The goal of this guide is to help you understand what is available locally in Boone County and how to approach it with confidence.

Boone County sits in central Iowa, roughly 45 miles northwest of Des Moines along the Des Moines River. Its economy is anchored by agriculture, manufacturing, healthcare, small retail, and a steady base of independent contractors in trades like construction, excavation, and trucking.

Most local lenders look at a combination of factors:

• **Time in business** — Many traditional lenders prefer at least two years of operating history, though CDFIs and microloan programs often work with startups.

• **Credit history** — Personal credit matters, especially for sole proprietors. A score in the mid-600s or above opens more doors, but some lenders work with lower scores if the business shows strong cash flow.

• **Revenue and cash flow** — Lenders want to see that your business generates enough income to make payments. Bank statements are often more telling than tax returns alone.

• **Collateral** — Not always required, but having equipment, real estate, or inventory can improve your terms.

• **Industry** — Agricultural-adjacent businesses, trades, and small retail fit well with the lenders who operate in this region.

**ITIN holders are welcome.** If you do not have a Social Security number, an Individual Taxpayer Identification Number (ITIN) is accepted by several lenders that serve Boone County. You do not need to be a U.S. citizen to build business credit or access a microloan. Ask directly — any lender worth working with will give you a clear answer.

Gathering your paperwork before you approach a lender saves time and signals that you are organized. Requirements vary by lender and loan type, but most will ask for some combination of the following:

**For the business:**

• Last 2–3 years of business tax returns (or personal returns if you are a sole proprietor)

• Last 3–6 months of business bank statements

• Year-to-date profit and loss statement

• Current balance sheet

• Business plan or one-page summary of how you will use the funds

• Business licenses, permits, or registration with the Iowa Secretary of State

• Accounts receivable and payable aging reports (if applicable)

**For you personally:**

• Last 2 years of personal tax returns

• Government-issued photo ID

• Social Security number or ITIN

• Personal financial statement (assets, debts, monthly income)

**For real estate investors:**

• Property address and purchase price or current appraised value

• Rent rolls or lease agreements (for existing income property)

• Scope of work and contractor bids (for rehab or renovation projects)

**Tip:** If your records are not fully organized, a local CDFI or Small Business Development Center counselor can help you get them in order before you apply — at no cost to you.