DAVENPORT, Iowa – The City of Davenport will launch its “Small Business Resiliency Project” on Thursday to assist small businesses negatively impacted by COVID-19.
City officials say they will begin accepting applications on October 15.
The Small Business Resiliency Project will use approximately $900,000 in Community Development Block Grant funds that were awarded under the CARES Act, according to city officials. It will help provide financial relief to small businesses in an effort to retain jobs and stabilize businesses in our local economy.
“The City of Davenport recognizes the impact that COVID-19 has had on our local small businesses. Our small businesses are resilient, and it is our hope that the Small Business Resiliency Project will help businesses recover from COVID-19 and continue to grow in Davenport,” said Susanne Knutsen, Economic Development Manager for the City of Davenport.
The city provided the following information about the project in a news release:
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. 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.