MASON CITY – 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.
The program is pending approval by each entity, and the partners will take initial actions at their respective meetings next week to begin the process to authorize funds for the program. The goal is 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 http://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.”
Ok, is this the federal money being giving away. Because they make it sound that it’s coming from their pockets. Pending grants upon approval? More like we got the money and we’ll see if you deserve it. They are already are having problems dispersing the money to business that deserve it nation wide. Looks like the bankers are not on board aka need to charge more fees. These peeps are ‘granting’ the money and charging for it. Sleazy move.
You make no sense. I don’t think you know how the program works, I would suggest you do some research before you come off half chocked!