ISU Economics Professor Mark Edelman accepted the 2010 Iowa Venture Distinguished Leadership Award for creation of the Iowa MicroLoan program and other entrepreneurial initiatives on behalf or the Community Vitality Center and ISU Extension on December 2, 2010. The Award was presented by Lieutenant Governor-elect Kim Reynolds on behalf of the Iowa Area Development Group at the 25th Annual Awards Luncheon held in conjunction with the Iowa Rural Electric Cooperatives 75th Annual Meetings at the West Des Moines Sheraton Inn. Edelman and CVC organized a steering committee of 16 representatives from statewide lending and entrepreneurial support networks to identify the gaps in Iowa's entrepreneurial development system. A survey of Iowa bankers and interviews with service providers provided evidence of the gaps identified. A Business Plan was developed for creation of a statewide Microenterprise Foundation called Iowa MicroLoan that considers loan applications up to $50,000 for small entrepreneurs who were denied conventional loans. During its first 20 months of operation, Iowa Microloan has approved 31 loans in 17 counties and reviewed 17 additional applications for the Iowa Small Business Loan Program which is a collaboration with the Iowa Department of Economic Development (IDED) and Iowa Small Business Development Centers (SBDCs). To date, Iowa MicroLoan has assisted in funding and/or leveraging $2.2 million in loans and creation or retention of 98 full time jobs and 24 part time jobs during the recession and recovery.