NORTH IOWA CORRIDOR ECONOMIC logo

North Iowa Small Business Recovery & Continuity Fund

NORTH IOWA CORRIDOR ECONOMIC

Foundation One-time Small Business GrantsDisaster Preparedness & Relief Grants
Apply Now

Funding Amount

Up to $5,000

Deadline

Rolling / Open

Grant Type

foundation

Overview

North Iowa Small Business Recovery & Continuity Fund

Status: Program has concluded; no new applications being accepted as of the document date (May 2020)

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

    • How to Apply

    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.

    Apply with Grantable Learn more

    Focus Areas & Funding Uses

    Fields of Work

    small-businessesdisaster-relief

    Categories

    Browse similar grants by category

    Small Business GrantsDisaster Preparedness & Relief Grants

    Related Grants

    Similar grants from this funder and related organizations

    Foundation

    Elm City Opportunity Fund

    Amount

    Varies

    Deadline

    Rolling / Open

    Foundation

    Careers in Technology Tuition Reimbursement Program

    Amount

    50-90% of training costs

    Deadline

    Rolling / Open

    Foundation

    ALX B2B Grant Program

    Amount

    $10,000 - $20,000

    Deadline

    Rolling / Open

    Foundation

    ALX B2B Business Association Grant Program

    Amount

    Up to $535,000 total distributed (amounts vary by organization)

    Deadline

    Rolling / Open

    Foundation

    Green Growth Alliance: US/Japan Climate-Gender Innovation Collective for Africa

    Amount

    Varies

    Deadline

    Rolling / Open

    One-time
    Foundation

    Shared Pathways Fund

    Amount

    Varies

    Deadline

    Rolling / Open

    Ready to apply for North Iowa Small Business Recovery & Continuity Fund?

    Grantable helps you assess fit, draft narratives, and track deadlines — so you can submit stronger applications, faster.

    Apply with Grantable Learn more