Business Recovery Fund

The Business Recovery Fund can provide financial assistance to a for-profit business (person or entity that sells goods or services) or the owner of commercial property in Cedar Rapids, Iowa that has sustained losses as a result of the Flood of 2008 (the “Business”).  A base award of up to $15,000 is available.  Fifty percent (50%) of the base award will be in the form of a grant and fifty percent (50%) will be in the form of a no interest three (3) year forgivable loan. 

Additionally, a grant of up to $5,000 can be awarded to businesses that choose to reinvest in the commercial zones in Cedar Rapids affected by the flood; and an additional grant of up to $5,000 can be awarded to those who own the property in which the Business is operated and have sustained physical damage to each. 

Please provide the following information and/or respond to the following questions:

  1. Attach only the first two pages of a completed U.S. Small Business Administration (“SBA”) Disaster Business Loan Application that it has filed it with the SBA. 
  2. Employ approximately 50 or fewer full-time equivalent employees.  Please provide pre-flood and current full-time equivalent employee numbers. 
  3. List/describe the uninsured physical losses incurred by the Business, including approximate value of damages.  (Total of grants and loans cannot exceed actual amount of uninsured losses). 
  4. Describe the critical needs of the Business that must be met through the use of the funds for which the financial assistance is being requested.
  5. Detail the costs of those critical needs (please be as specific as possible).
  6. Specify the amount of grant/loan you are requesting.
  7. Do you plan to invest in the commercial zones in Cedar Rapids affected by the flood?
  8. Do you own the building(s) within which the Business is operated?

 Conditions of forgivable loan: The forgivable loan portion of the grant will not bear interest.  If the Business is still in existence in Cedar Rapids at the end of the 36th month following the date of the grant (e.g. if grant is made in July, 2008, the Business is in existence on June 30, 2011), the entire amount of the loan portion of the grant will be forgiven.  If the Business is in existence in Cedar Rapids for less than 36 months, the portion of the loan to be forgiven on a prorated basis over 36 months.

 

Complete the

or call SCORE at 319-362-6405 for assistance.

 

After completing the application, you must submit the first two pages of your SBA Disaster Business Loan Application.

You can send it one of three ways:

  1. FAX the data to (888) 306-1314 (toll free)
  2. Email the data as email attachments to “scoresecure@buckheister.net.”
  3. Call SCORE at 319-362-6405 for advice and instructions.