Jobs and Small Business Recovery Fund 2016
Nov 02, 2016
Announced in October 2016, the Cedar Rapids Metro Economic Alliance, in partnership with the City of Cedar Rapids, the Greater Cedar Rapids Community Foundation and the Small Business Development Center have created the Jobs and Small Business Recovery Program 2016 to assist small businesses recovering from economic losses due to the recent flood threat.
Small businesses within the 28 foot evacuation zone faced disruption during the flood threat. While a few small businesses sustained property damage, a majority faced a loss of sales and product and incurred costs surrounding flood preparation, evacuation and cleanup. This impact can still be devastating for small businesses.
The Jobs and Small Business Recovery Program 2016 allows for qualifying businesses to apply for the maximum grant of $5,000 or up to 50% of average weekly sales of the business, product loss and demonstrated costs related to the evacuation.
A 7-person Grant Committee will review grants and determine awards, with a majority of the Committee representing a quorum. The Committee will include representation from the business community within the flood evacuation area. All decisions of the Committee are final. Grant recipients will enter into an agreement with the Economic Alliance Foundation and funds will be distributed as soon as possible after the agreement is signed.
Applicants must be a for-profit business located in the 28 foot evacuation area declared by the City of Cedar Rapids during the flood. Grants will be awarded to businesses that require a physical location in order to derive revenue, and had at least one day of zero revenue as a direct result of the evacuation. The grant is for small businesses with 50 or less employees that are reopening post flood threat.
The City of Cedar Rapids will allocate $75,000 from the Cedar Rapids Assistance Revolving Loan Fund for this grant program, which was started a few years ago with the intent to support small businesses in cases like this. The Greater Cedar Rapids Community Foundation will open the fund for private donations from corporations and individual contributions at gcrcf.org. The Cedar Rapids Metro Economic Alliance Foundation has been appointed to distribute these grants directly to recipients.
Applications will be considered in the order they are received. Grants will be distributed until program funds are exhausted or until the Committee determines adequate time has been allowed for businesses to apply.
Please review our website closely to find out who is eligible to apply, program rules and processes and all required application documents, as this program is clearly defined and awards will only be given to selected qualifying businesses that submit all application materials.