Assistance for Businesses & Non-Profits
The programs listed below offer a comprehensive look at the assistance available to businesses and non-profit organizations affected by the 2008 storms, tornadoes and flooding in Iowa.
Jump to:
- Disaster Recovery Business Rental Assistance Program
- Small Business Administration (SBA) Loans
- Loan Interest Expense Program
- Commercial Rental Income Gap Program
- Small Business Disaster Recovery Grant Program - EXPIRED
- Jumpstart Iowa Small Business Assistance Program - EXPIRED
FOR BUSINESSES ONLY - Community Economic Betterment Account (CEBA) Program - EXPIRED
- High-Quality Job Creation (HQJC) Program - EXPIRED
- Midwestern Disaster Area Bonds
Disaster Recovery Business Rental Assistance Program
The Iowa Department of Economic Development (IDED) will provide financial assistance to eligible businesses located in or planning to locate in a business rental space that was physically damaged by the 2008 natural disasters. Assistance will be in the form of rental assistance to help offset building rental lease payments for a maximum of six months, not to exceed a total award amount of $50,000. Additionally, recipients will be allowed to use the funds for expenses associated with replacing damaged machinery, office furniture, supplies and other equipment. In-home businesses are not eligible for the funds through this program.
To view the full program guidelines and application, visit the IDED disaster recovery Web page.
If your business is located in Cedar Rapids, you must apply for this program directly through the Cedar Rapids Web site at http://www.corridorrecovery.org/landlords/comrent.asp
Small Business Administration (SBA) Loans
SBA provides low interest disaster loans to homeowners, renters, businesses of all sizes and private, non-profit organizations to repair or replace real estate, personal property, machinery & equipment, inventory and business assets that have been damaged or destroyed in a declared disaster.
For more information, click here to visit the SBA Disaster Assistance Loan page.
Loan Interest Expense Program
This program provides funds to business owners to pay for the interest on an SBA or private loan for disaster recovery. Up to a total of $50,000 in funds will be provided to a business, for a maximum of three (3) years.
For more information, contact your local Council of Government or Entitlement City Housing Representative.
Commercial Rental Income Gap Program
This program is designed to assist with cash flow for commercial building owners to offset lost revenue from vacant rental space that was physically damaged by the disaster. A maximum of $25,000 for lost rent will be reimbursed to commercial landlords per unit.
For more information, contact your local Council of Government or Entitlement City Housing Representative.
Small Business Disaster Recovery Grant Program
This program has expired and is no longer active.
Small businesses, family farms and non-profit organizations impacted by the 2008 summer disasters can now apply for additional financial assistance through the Small Business Disaster Recovery Grant Program. The program, administered by Iowa Workforce Development (IWD), provides up to a $5,000 grant for damages incurred from last year’s floods and tornadoes.
To be eligible, a business, non-profit agency or farm must have existed prior to the disaster; have 25 or fewer employees; be located in a county that was declared eligible for Public Assistance by the Federal Emergency Management Agency (FEMA); and experienced a dislocation of at least one worker as a result of the disaster. Businesses do not need to have a Small Business Administration (SBA) loan or have received FEMA assistance in order to qualify for this program.
For more information, view the Small Business Disaster Recovery Grant Program fact sheet.
Access the Small Business Disaster Recovery Grant Program Application.
View the local contacts for the Small Business Disaster Recovery Grant Program.
Jumpstart Iowa Small Business Assistance Program
This program has expired and is no longer active.
Administered through the Iowa Department of Economic Development (IDED), the Jumpstart Iowa Small Business Assistance Program provided forgivable loans to small businesses impacted by the 2008 summer disasters. The funds helped pay down their SBA loans from the federal government, and provided funding to promote sustainable rebuilding efforts. The maximum award was a $55,000 loan. The loans will be forgiven if the business opens its doors within 12 months of receiving funds.
Community Economic Betterment Account (CEBA) Program
This program has expired and is no longer active.
A business seeking a loan or forgivable loan for disaster recovery may apply to IDED for assistance through the Community Economic Betterment Account (CEBA) Program. As part of the application process, the business may request a waiver of one or more program requirements provided such requirement is non-statutory. Examples of requirements which are non-statutory or established by administrative rule include:
- Qualifying wage requirement.
- Limitation on funding projects that have started (project initiation).
- $500,000 limit on the forgivable loan portion of the award.
- Requirement that the local government invest in the project.
For more information visit the IDED Web site.
High-Quality Job Creation (HQJC) Program
This program has expired and is no longer active.
A business seeking tax credits and/or refunds may apply to IDED for assistance through the High Quality Job Creation (HQJC) Program. As part of the application process, the business may request a waiver of the average county wage calculation. All other requirements of the HQJC program will be applicable.
If the business’ application and waiver request is approved, the business may receive one or more of the following based on the amount of qualifying investment in the project:
- Investment tax credit equal to 1% of the qualifying investment (amortized over 5 years).
- Refund of sales and use taxes paid to contractors or subcontractors during construction.
- Doubling of the state’s refundable research activities credit.
For more information, visit the IDED Web site.
Midwestern Disaster Area (MDA) Bonds
MDA Bonds are a new kind of private activity tax-exempt bond designed to facilitate the recovery and rebuilding of areas damaged by the severe weather. Businesses that suffered a loss during the severe weather of 2008 are able to borrow funds by using tax-exempt bonds to repair or replace real property. The bonds are issued on a conduit basis; that is, the borrower (business) is responsible for repaying the debt. Rates and terms will be dependent on the credit-worthiness of the borrower.
For more information on the Midwestern Disaster Area Bonds, visit the Iowa Finance Authority Web site.