Many area small businesses are beginning to feel the sting of the pandemic sweeping across the nation. They have had to layoff or release many of their employees and are looking at fiscal issues which may prevent them from reopening when and if this crisis clears.
Brook Boehmler, Regional Director of the small Business Center at the Pappajohn Center at NIACC says the time to act is now.
Businesses have a number of resources that can provide assistance during this time.
Boehmler suggests that businesses that need financial assistance show go to iowaeconomicdevelopment.com and visitors will find two grants that are time sensitive.
When applying for the grant, which does not need to be paid back, make sure you have all the needed materials on hand to make the application process smoother. This includes your last three m months of your profit and loss statement and your financials too. Also, make a projection of how much money you will need to stay in business with your two to 25 employees.
The grant is a first come-first serve program which needs to be applied for as quickly as possible if the business you own is a sole proprietorship with no employees.
Businesses that have been effected by the pandemic can also apply for loans to help get them back on their feet.
Those with questions on any of these programs should contact the Hancock County Economic Development or Forest City Economic Development offices. Links below are those which Boehmler referred to.
Jill Kramer – https://www.hancockcountyiowa.com/
Businesses Effected by the COVID-19 pandemic:
Iowa Economic Development – https://www.iowaeconomicdevelopment.com
- Iowa Small Business Relief Fund – Grant for businesses with 2-25 employees, application must be in by noon on Tuesday, March 31. – https://www.iowaeconomicdevelopment.com/reliefgrants
- Targeted Small Business Sole Operator – Grant for Targeted Small Businesses with no employees – In order of filing until funds are exhausted – https://www.iowaeconomicdevelopment.com/Entrepreneurial/TSB
Federal Loans: SBA Disaster Assistance Loans – Loans at 3.75% for 30 years – https://www.iowaeconomicdevelopment.com/programDetails?pid=138&ppid=26
Free Confidential Counseling by the NIACC Pappajohn Center SBDC – http://iowasbdc.ecenterdirect.com/ClientSignup.action?CenterID=11 or http://iowasbdc.org/covid-19/
641-422-4342 or 641-294-2030