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To qualify for a SELP loan, applicants must have an annualized family income that does not exceed current income guidelines for the program. An applicant is automatically eligible for SELP if he or she is receiving Family Investment Plan (FIP) assistance or other general assistance such as disability benefits. The applicant can also qualify for SELP funds if determined eligible under the Job Training Partnership Act, or is certified as having a disability under standards established by the Iowa Department of Education, Division of Vocational Rehabilitation Services.

SELP loans of up to $10,000 are available. The interest rate is 5 percent, and the loan is to be repaid in monthly installments over a five-year period. The first installment can be deferred for three months.

SELP applicants must obtain a local sponsor for the application process. Examples of a local sponsor include the Institute for Social and Economic Development (ISED), Small Business Development Center (SBDC), the local Job Training Partnership Act (JTPA) representative, or a representative from an area Chamber of Commerce or local community college.