Forgivable loan funds available for new and expanding businesses
Algona Area Economic Development Corporation (AAEDC) is pleased to offer a forgivable loan program to support new and expanding businesses in Algona.
Through the Algona Advantage Program, a forgivable loan of up to $5,000 for a term of four years at 0% interest is available to qualifying businesses relocating to or expanding within the City of Algona. Each year 25% of the loan will be forgiven on the anniversary of the original date of the loan. A limited number of forgivable loans are available on a first come, first serve basis.
Funds through the Algona Advantage Program may be used for construction, land/building acquisition, renovation and repair of buildings or appurtenant structures, site development, engineering, planning and design costs, materials, equipment and supplies, marketing, legal fees, website/e-commerce creation, business succession, inventory and/or other expenses as approved by AAEDC.
Apply today
Applications are accepted on a rolling basis. Download the Algona Advantage Application and Program Guidelines to get started.
Algona Advantage Recipients
Bare Beauty Studio
Esthetician Emerald Buscher expanded her space and services. Bare now offers six different treatment rooms that will accommodate a dermatologist, massage therapist and cosmetologist, in addition to Buscher and a second esthetician.
Evolve Physical Therapy
Dr. Audrey Finer opened a new private practice physical therapy clinic in Algona. The clinic will include three private exam rooms, a gym and wellness area and a pediatric specific room, with space to accommodate a second therapist.
Appliance Plus
Appliance Plus expanded into a renovated downtown location. The store is an authorized U.S. Cellular agent. Appliance Plus offers a showroom with U.S. Cellular phones and accessories, GE appliances, Spring Air mattresses and Ashley Furniture.
The Reef
Sydney Lewis of The Reef transitioned her Algona-based food truck into a brick and mortar business on Call Street, with the help of an Algona Advantage Award. The Reef was the first recipient of the program after it was created in the fall of 2023.