What is Renew Rural Iowa?
Renew Rural Iowa is an Iowa Farm Bureau initiative that combines an innovative mentoring model for entrepreneurs with a rural vitality investment fund. The program is designed to enhance the enterprise value of existing or new small town businesses to encourage their reinvestment within the community, thereby increasing the overall wealth of that community. The program combines the relationships, network and resources of IFBF with the business mentoring muscle of Cedar Rapids-based Entrepreneurial Development Center, Inc. (EDC).
Who is EDC?
Entrepreneurial Development Center (EDC) was incorporated in 2003 as a community sponsored non-profit business accelerator. The company provides economic growth through the development and expansion of entrepreneurial enterprises and has successfully assisted over 300 Iowa headquartered businesses. Their focus is on creating local wealth for area reinvestment by growing and cultivating regional, national, and international businesses. By partnering with IFBF, EDC can now expand their resources and services statewide.
How will the partnership work to benefit rural Iowa?
There are nearly 5,000 small manufacturers across rural Iowa and many of them have the potential to expand their businesses; creating more jobs, and significantly increasing community vitality through community reinvestment. Renew Rural Iowa takes the strengths of Farm Bureau and its relationship with rural communities, combines it with EDC’s experience in mentoring businesses as they launch and grow and uses it to provide real day-to-day help to those small town businesses or business ideas that are located statewide in communities with populations of less than 30,000.
Why is Iowa Farm Bureau focused on this initiative?
Nearly 90 percent of farmers today derive part of their income from off-farm employment. The Iowa Entrepreneurial Report Card, released every year from Washington, D.C., shows Iowa ranks last (50th) in new business creation and long-term employment growth. That, coupled with declining population trends, puts Iowa at risk for losing even more family farmers. That’s why part of our strategic plan calls for an increased focus on revitalizing Iowa’s rural communities to help breathe life into our small towns and keep farmers farming.
How does this effort differ from other business development efforts in the state?
There are currently efforts throughout the state designed to attract new, larger businesses to Iowa primarily targeted at certain industries. Our effort is unique in that it is strictly focused on rural Iowa with no limit as to the type of business or industry. The program includes an education and hands-on mentoring component designed to help increase the enterprise value of a hometown business as it grows and develops. That will have a domino effect on Iowa’s rural communities. Rather than having to go to different sources for each aspect of their business, entrepreneurs will have the opportunity for ‘one-stop shopping’ to start or grow their business from how to write a business and marketing plan to where are the best places to secure financing or find appropriate talent.
How many jobs could this create for rural Iowa?
The goal of Renew Rural Iowa is not focused on creating jobs, but on expanding the number and revenue base of hometown businesses in rural Iowa. Success will be measured primarily by the increase in overall business value and the resulting increase in Iowa’s rural vitality in those rural communities. As you increase the overall value of businesses within a community, overall wealth / vitality in the community increase. In other words, it enables more reinvestment within the community in the form of new employees, retail spending, new buildings, and associated new businesses.
What unique services will the Renew Rural Iowa project bring to those existing and budding rural entrepreneurs?
Entrepreneurs will be offered a choice of two, distinct seminars that will guide them through all phases of developing a business including writing a business plan, determining appropriate financing, and analyzing market research and various funding resources.
How is Renew Rural Iowa funded?
Iowa Farm Bureau has committed $5,000,000 to a Rural Vitality Investment Fund and serves as the managing general partner. They are also pursuing additional funding sources to grow the fund to upwards of $20 million.
When and where are the seminars?
Click here for a schedule of the future seminars.
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