Coralville businesses may apply for the state's Jumpstart Small Business Assistance program through the East Central Iowa Council of Governments (ECICOG) in Cedar Rapids.
Applications will be reviewed on a first-come, first-served basis, so it is critical to apply as soon as possible. The six-county region served by ECICOG has been allocated $1.9 million for business assistance. Businesses in Iowa City and Cedar Rapids will apply directly through their cities, which received separate allocations.
Businesses are eligible for assistance if they have received disaster loan funds from the SBA, a state or federally charted financial institution or other recognized entity that underwrite loans.
An eligible business will be able to receive funding in an amount equal to 25% of the dollar amount of their disaster loan, up to a maximum of $50,000. The award will be in the form of a loan at 0% interest and will be forgiven if the business re-opens within 1 year of their award date.
Businesses’ landlords are not eligible to receive assistance through the provisions of the Jumpstart Small Business Assistance Program.
Funds may be used for working capital and the purchase of eligible energy-efficient equipment.
Applications should be mailed by postal service or hand delivered to
East Central Iowa Council of Governments (ECICOG)
c/o Jumpstart Business Assistance Program
700 16th Street NE, Suite 301
Cedar Rapids, IA 52402
Applications are due in the ECICOG office by October 31, 2008.