FOR IMMEDIATE RELEASE

June 6, 2007

Local Small Businessperson Scores First NIACC

Michael Groesbeck has a powerful vision; linking diverse home based businesses in North Iowa together in a comprehensive website that is more attractive to search engines.The NIACC program is helping him make that vision a reality.

"Every business and their brother are on the Web, Groesbeck said. The challenge for a small home based business is to break free of the clutter and get your products or services noticed for a reasonable cost. There are thousands of HBE's (home based enterprises) in the area. Most struggle with a lack of tech support and money to create a presence on the web. I can come in, create a storefront for them that include high quality photographs and integrate everything into a web based community where their goods and services can be found- without breaking the bank."

NanoLoan Program targets a specific, underserved segment of the entrepreneurial community; businesses in the'pre-bankable phase'. NanoLoans up to $2,500 can be used to move a business model farther along in its development by paying for prototype development, patents, equipment, working capital and other start up costs.

"The NanoLoan program was a perfect vehicle for moving Mike's business concept forward," observed Ted Bair SBDC Director. "He didn't need a lot of money to get over the tipping point and he already operates a home based business, Portraits of Iowa so the challenges associated with starting and operating a new business were understood.This new venture represents a good first investment for the NanoLoan program. It is these types of start up opportunities that led NIACC and the Pappajohn Entrepreneurial Center to create the program."

Applicants are required to successfully complete the FastTrac New Venture™ course; a 10 week 'business boot camp' that exposes entrepreneurs to key aspects of being a small business owner and helps them put together a business plan. graduates from NIACC have enjoyed significantly better business survival rates with over 200 businesses founded since 1997 and 78% still in business today.

"If it hadn't been for the NanoLoan program,"said Groesbeck," I would have probably delayed things to put together enough money to ‘bootstrap’ the start up. Because NIACC and the JohnPappajohn Center put this together to help entrepreneurs, I can pursue my dream right away."

For more information on the Iowa Home Business Exchange www.iowahomebusinessexchange.com or Portraits of Iowa www.portraitsofiowa.com contact Michael Groesbeck at (641) 512-1718 or michael@portraitsofiowa.com.
For more information on the NIACC JPEC NanoLoan program, call (641) 422-4342 or visit www.niacc.edu/pappajohn.

The John Pappajohn Entrepreneurial Center is located on the North Iowa Area Community College campus in Mason City, Iowa and provides college level courses and degree programs in entrepreneurship, as well as consulting services for business start-ups and existing industries in the region. The Center also provides FastTrac training programs both for beginning companies and existing companies. Space is available in the new North Iowa Business Incubator for start-up businesses. For more information, contact the NIACC JPEC at 641-422-4342.

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Photo Attached:(L to R) SBDC director Ted Bair and recipient Michael Groesbeck.

                        Web site entrepreneur repays first NanoLoan

Sunday, October 28, 2007

MASON CITY — The first NIACC NanoLoan recipient has satisfied his loan agreement ahead of the scheduled repayment contract.

Michael Groesbeck had a powerful vision — linking diverse home based businesses in North Iowa together in a comprehensive Web site that is more attractive to search engines.

He developed that into the Iowa Home Business Exchange (www.iowahomebusinessexchange.com).

The North Iowa Area Community College NanoLoan program helped him make that vision a reality and was used exactly as the creators of the loan had envisioned.

"Because NIACC and the John Pappajohn Entrepreneurial Center put this together to help entrepreneurs, I was able to pursue my dream right away," Groesbeck said.

The program targets businesses in the "pre-bankable" phase.

NanoLoans up to $2,500 can be used to move a business model farther along in its development by paying for prototype development, patents, equipment, working capital and other start-up costs. To date, there have been nine NanoLoans advanced.

"The NanoLoan program was a perfect vehicle for moving Mike’s business concept forward," said Ted Bair, SBDC director. "He didn,t need a lot of money to get over the tipping point and he already operates a home based business, Portraits of Iowa, so the challenges associated with starting and operating a new business were understood"

"This new venture represented a good first investment for the NanoLoan program and we couldn,t be more pleased with the fact that Groesbeck has been so quick to satisfy the loan," Bair said.

Applicants are required to successfully complete the FastTrac New Venture course, a 10-week "business boot camp" that exposes entrepreneurs to key aspects of being a small business owner and helps them put together a business plan.

NIACC FastTrac graduates have enjoyed significantly better business survival rates with more than 200 businesses founded since 1997 and 78 percent still in business today.

For more information on the NanoLoan program, call (641) 422-4342 or visit www.niacc.edu/pappajohn