DAVENPORT, Iowa (KWQC) –
The City of Davenport has launched the Small Business Resiliency Project (on October 1, 2020) to assist small businesses that have been negatively impacted by COVID-19. The City will begin accepting applications on October 15, 2020.
Susanne Knutsen, Economic Development Manager | Community Planning & Economic Development for the City of Davenport, Zoomed in on PSL to further explain this project program which had been announced in the news just a few days earlier.
The Small Business Resiliency Project will use approximately $900,000 in Community Development Block Grant funds that were awarded under the CARES Act to provide financial relief to small businesses in an effort to retain jobs and stabilize businesses in our local economy. Eligible businesses that can apply for funding are for-profit businesses that have been negatively impacted by COVID-19. The business can have up to 50 full time equivalent employees. Applicants must be businesses that have been established in Davenport for at least a year prior to March 2020.
Applicants must be in good standing with all local taxes, licenses, and permitting and cannot be recipients of reimbursement or funding from any other local, state, or federal relief programs for the same items the business is applying for reimbursement under the Resiliency Project. Eligible expenses covered under the Small Business Resiliency Project include mortgage or rent, utility costs, employee salaries or wages, and operational expenses such as inventory. The maximum forgivable loan is estimated to be $20,000 per business.
CLICK HERE TO DOWNLOAD THE APPLICATION!
At the time the funds are awarded, the business must meet the federal CDBG national objective of 51% or more of the workforce must be part of a low to moderate income household. To find out more information and to apply for the Small Business Resiliency Project, visit: davenportiowa.com/smallbusiness.
Applications can be turned in beginning Oct. 15 and through the end of October. City officials will then review applications in November and begin awarding funds in December. Applicants can email their application or questions to [email protected] or mail to: City of Davenport, Economic Development, 226 W 4th St., Davenport, IA 52801.
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