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FAIRFIELD, IOWA -- When the Iowa Legislature convened in January, lawmakers worked to create a new $5 million statewide program known as the "Iowa Small Business Loan Program."

Business owners can apply for funds up to $50,000 with an interest rate of 3.9 percent.

"We hear so much about helping other programs but Main Street is the vitality of Iowa. So I think this program will allow small businesses, businesses with less than 35 employees, to gain access to capital that they might not be able to gain otherwise," said State Representative Curt Hanson (D-Fairfield).

He told KTVO that the program was a top priority during the last legislative session.

"This was discussed very early and discussed among legislators," Representative Hanson said. "And the need was clearly there, and so we passed this with hope that Iowa businesses would be able to take advantage and grow by it."

Hanson told KTVO that this effort is designed to help small business owners having trouble accessing the resources they need to stay open or expand...and to help retain jobs in Iowa.

"I think most of our growth is going to occur in small businesses and entrepreneurial groups...those kinds of things are going to be what helps Iowa grow and what helps Iowa get back on its economic feet," Representative Hanson said.

For more information, you can visit the website for the Iowa Small Business Development Centers or the Iowa Department of Economic Development at 515-212-0182.