North Iowa Small Business Recovery & Continuity Fund

Geographic Scope: Cerro Gordo County, Iowa (Cities of Clear Lake and Mason City)

Focus Areas: COVID-19 pandemic business relief; working capital, inventory, lease/mortgage payments, utilities, payroll

Program Background: Launched as a partnership between North Iowa Corridor EDC, City of Clear Lake, City of Mason City, and Cerro Gordo County to provide financial relief to small businesses impacted by COVID-19 pandemic disruption and revenue losses.

Eligibility:

• Businesses with physical location and employees within Cerro Gordo County
• Priority given to businesses in operation at least 1 year
• Businesses negatively impacted by COVID-19
• Priority given to locally owned independent businesses under 25 employees
• Priority given to businesses/sectors ordered closed by Governor

Award Details:

• Grants ranged from $1,000–$5,000
• Total program: 119 businesses assisted with $414,495 awarded
• Awards determined by level of impact, revenue loss, employee disruption, and immediate financial need
• Award amounts may be less than requested to help more businesses

Requirements of Grantees:

• Business counseling with NIACC Pappajohn Center & SBDC for financial and business continuity planning (initial consultation, ongoing webinars/trainings)
• Utilize funds to make reasonable best efforts to maintain employment and operation

Review Criteria: Negative financial impacts on business, expenses/need, longevity/impact in community, business classification, business type, demonstration of financial need, impact to revenue

Contact Information:

• Email: admin@northiowacorridor.com
• Phone: 641-423-0315 or 800-944-1708
• Address: 9 North Federal, Mason City, Iowa 50401

Related Loan Programs:

• North Iowa Corridor Small Business RLF Loans: up to $10,000, low/no interest, up to 5 year term
• North Iowa Corridor RLF Loans: up to $250,000, low/no interest, up to 10 year term

Application Process

Timeline:

1. Pre-applications opened April 8 to confirm eligibility
2. Full applications provided to those meeting eligibility criteria
3. Full application due April 24
4. Applications reviewed and ranked weekly by business impact level and need
5. Awards granted weekly until funds expended

Application Review Process:

• Pre-applications open to verify eligibility
• Full application provided to eligible applicants
• Committee review of applications received weekly
• Rankings based on business impact level and financial need
• Awards granted weekly to meet immediate needs until funds expended

Required Documents (strictly confidential):

• Most recent 3-month income statements
• Revenues March 2019 compared to Revenues March 2020
• Balance sheet (as of application date)
• Payroll documentation prior to March 17, 2020
• Federal Tax ID#

Additional Information Requested:

• Date of business establishment
• Description of economic impact loss (loss of sales, revenue, employees, etc.)
• Number of employees on March 1
• Number of employees working remotely as result of disaster
• Estimated loss of revenues March 15, 2020 – April 15, 2020, with projected losses moving forward
• Description of how funds will be utilized to maintain operations or reopen after disaster

Application Status: New applications not being accepted as of May 2020. Program prioritized applicants who had not yet received IEDA Small Business Grant Funding, followed by those who submitted pre-applications.