North Iowa Corridor Announcing Small Business Recovery & Continuity Fund
Today the North Iowa Corridor EDC announced the launch of the Small Business Recovery & Continuity Fund, a partnership with the City of Clear Lake, the City of Mason City, and Cerro Gordo County to provide financial relief to our small businesses through the impact of the COVID-19 pandemic.
Businesses who have experienced significant disruption and revenue losses will be eligible for grants up to $5,000 to help ensure business continuity. The goal of the program is to assist companies within Cerro Gordo County in maintaining operations through the pandemic, or reopening once it is over.
“This assistance will provide our businesses with immediate, short-term cash flow that can be deployed for a variety of uses; including lease/mortgage payments, utilities, payroll, or other costs while they are unable to conduct normal operations,” said Chad Schreck, President & CEO of the North Iowa Corridor.
Each of the partners will take initial action at their respective meetings next week to begin the process to authorize funds for the program, with goal to raise over $500,000 collectively pending approval of each body. Private businesses or individuals that would like to support local businesses through the effort will also be able to donate to the fund.
“Our local businesses are the lifeblood of our community and have always stepped up to support our community’s events and organizations,” said Clear Lake Mayor Nelson Crabb. “This program is one small way we can return the favor and make sure both they and our local economy are able to bounce back from this truly unprecedented time.”
“As a small business person myself, I know how scary it is to not know if you can make the next mortgage payment or payroll, especially when you can’t keep your doors open or serve your customers or generate revenues through no fault of your own,” said Cerro Gordo Supervisor Tim Latham.
The North Iowa Corridor will administer the program, with a review committee determining the award amount by the level of impact based on revenue losses, employee disruption, etc. The full program details and application are at www.northiowacorridor.com/RecoveryFund. Pre-applications to verify eligibility will open April 8, with first review of full applications April 17 and continuing weekly until funds are expended. Priority will be given to locally owned independent businesses under 25 employees.
“We are excited to partner on this important initiative for local entrepreneurs and small businesses,” concluded Mason City Mayor Bill Schickel. “This situation is overwhelming for all of us right now, but by working together and supporting one another we will overcome this challenge.”
The North Iowa Corridor Economic Development Corporation serves as the economic development organization for the Cities of Mason City and Clear Lake, and Cerro County, Iowa. The Corridor is the primary contact for business retention and expansion in the region and provides location services for businesses looking to locate in the region. Visit northiowacorridor.com or call 641-423-0315 for more information.
Want to Help Local Businesses?
You can make a tax deductible donation to the Small Business Recovery & Continuity Fund via United Way of North Central Iowa to help grow the fund and increase the impact for more of our businesses. Or continue to shop local and buy gift cards to support your favorite businesses as much as possible.