William Penn University Vice President Elected Vice Chair of the Board of the Iowa Foundation for Microenterprise & Community Vitality

William Penn University Vice President of Advancement Steven Noah has been elected Vice Chair of the Board of the Iowa Foundation for Microenterprise & Community Vitality, commonly known as Iowa Micro Loan. IFMCV is a 501 (c) (3) tax exempt entity designated as a statewide SBA Microloan Intermediary.

Iowa Micro Loan can loan to businesses with 5 or fewer employees. IFMCV requires evidence of credit denial from a conventional loan source for Iowa Micro Loan eligibility, and provides loans of up to $50,000 for terms up to 6 years at 9 7/8% APR. IFMCV may co-finance with a local lender and accept a subordinated collateral position.

2010 IFMCV program performance includes:

· 40 loan approvals distributed across Iowa including Mahaska County

· 102 direct jobs created and or retained

· 179 direct, indirect and induced jobs created and/or retained

· $2,489,038 in new investment through direct and leveraged co-financing

Noah stated that “Our participation on the Iowa Micro Loan Board is yet one more example of the role William Penn University plays in economic development and entrepreneurial activities in the Oskaloosa area, and in Iowa.”

For more information on Iowa Micro Loan log on to www.iowamicroloan.org