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A contract designating the chamber as administrator for the Jumpstart Iowa Small Business Assistance funds was slated for consideration last night by the Cedar Rapids City Council. The city had asked the chamber to consider taking the role because of its experience as administrator for the Cedar Rapids Small Business & Jobs Recovery Fund.
The state set up the Jumpstart program to provide financial assistance to businesses and homeowners affected by the spring floods and tornadoes in Iowa. Cedar Rapids received half of the total funds, with $12.3 million for small business assistance and $7.9 million for housing.
Businesses will be eligible for assistance if they received disaster loans from the U.S. Small Business Administration or other recognized entities that underwrite loans. They will be able to receive funding equal to 25 percent of the dollar amount of their disaster loans, up to $50,000.
The awards will come in the form of no-interest loans. They will be forgiven if the businesses reopen within 12 months of the loans being awarded.
Eligible businesses also may qualify for up to $5,000 for the purchase and installation of energy-efficiency equipment. The amounts of any energy-efficiency rebates the businesses receive from their utilities for the purchases are excluded from the awards.
Chamber spokeswoman Jennifer Neumann said the organization will make it easy for businesses to apply online via the corridorrecovery.org Web site. Businesses that have already applied for the Cedar Rapids Small Business & Jobs Recovery Fund won't have to fill out the entire form, only an addendum.
The chamber has approved 299 grants for just more than $4 million under the Small Business & Jobs Recovery Fund. It is expected to receive a 2 percent administrative fee for administering the Jumpstart funds, most of which will be used to contract with a local consultant to oversee the program.
-- Contact the writer: (319) 398-8317 or david.dewitte@gazcomm.com
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