Progress Loan Fund
Nebraska Progress Loan Fund
NEW Funding for Start-up and Nearly Bankable Small Businesses.
The Nebraska Progress Loan Fund (NPLF) makes loans to qualifying small businesses, generally representing existing and start-up businesses experiencing financing challenges. The minimum loan to any business is $50,000, with a maximum of $2 million. The NPLF also can apply for interim loans to qualifying small businesses for a term not to exceed three years. An interim loan maximum amount is $5 million with longer terms negotiated on a case-by-case basis. Funding must be matched 1 to 1 by private sources.
Eligible small businesses include: research and development, scientific testing, data processing, telecommunications, manufacturing, distribution, storage/warehousing, transportation, administrative headquarters, targeted export services, companies realizing 75% or more of sales outside Nebraska, or those businesses supplying the U.S. Government with cloud computing, software development, computer systems design, product testing services, guidance or surveillance systems, technology licensing services, data center and internet web portals.
Please note that we now offer five year maturities on loans of $50,000 to $2,000,000. The interest rate is 0% to 4% with average loans ranging from 2% to 4%. These are changes that became effective January 1, 2015.
- low interest rates ranging from 0% to 4%
- payment deferrals
- able to support loans that lack sufficient collateral to quality the loan(s) from a private lender
Contact: Stew Jobes, Nebraska Progress Loan Fund Coordinator
Nebraska Department of Economic Development
P.O. Box 94666
301 Centennial Mall South
Lincoln, NE 68509-4666
Telephone: (402) 471-3114, TOLL FREE (800) 426-6505
Nebraska Angel Sidecar Fund
The Nebraska Angel Sidecar Fund encourages greater private investment in Nebraska-based start-up companies thereby increasing the overall investment impact. Invest Nebraska Corporation will award seed capital funds that match private angel fund investments. Seed capital may be used for advanced intellectual property development and evaluation, advanced proof of concept work for scientific discovery, advanced prototype design and development, key personnel hires, and related activities.
Eligible businesses are Nebraska-based start-up companies that have (1) a committed leadership team with significant experience related to the technology being commercialized and launching a start-up technology business, or committed collaborators and/or mentors with such experience; (2) a viable plan for securing venture capital financing to successfully grow the start-up company within a reasonable time period after the seed capital co-investment; and (3) a market-based, third-party investment commitment equal to at least 100 percent of the total requested seed capital funding from the NPSF.
A guideline of $50,000 minimum and $500,000 maximum, or 50% of total project cost will be used, although a single co-investment may vary from these guidelines if substantiated by review criteria. Seed capital co-investments will be in the form of equity or convertible debt, specifics to be determined by Invest Nebraska Corporation.
Contact: Dan Hoffman, CFO/COO
Invest Nebraska Corporation
4701 Innovation Drive
Lincoln, NE 68521
Telephone: (402) 742-7860