To help small businesses through the negative impact of COVID-19, the City of Forest City, Forest City Economic Development and the Forest City Chamber of Commerce have launched the Small Business Recovery Fund for companies in Forest City, Iowa. Businesses who have experienced disruption and revenue losses will be eligible for up to $5,000, Half Grant and Half 0% Interest Loan to help ensure business continuity. This assistance will provide businesses with immediate, short-term cash flow that can be used for payroll, working capital, inventory, lease/mortgage payments, etc.
All information entered will be kept confidential and shared only with the individuals who are part of the review process. Please answer the questions and provide complete information to the best of your ability for the review committee to make the best and most informed decisions. Incomplete applications may negatively impact your score and you may be required to reapply.
The full application will be available May 4th and accepted until May 15th. The review committee will work diligently to review and respond to applications as received in order to get the funds to the most impacted businesses quickly, while ensuring due diligence to make fair and informed decisions.
Who is Eligible?
- Businesses with a physical location inside City Limits of Forest City
- Businesses with 0-25 employees negatively impacted by the COVID-19 virus
- Locally owned independent businesses
- Priority given to businesses/sectors ordered closed by the Governor
Responsibilities of Grantees:
- Utilize funds to make reasonable best efforts to maintain employment and operation
- Repay Loan funds at 6 months or enter in an Installment Agreement
We strongly recommend Business Counseling with NIACC Pappajohn Center & SBDC for financial and business continuity planning (initial consultation meeting, cash flow and financial management, marketing, ongoing webinars/trainings, etc.) Please contact Mary Spitz at Mary.Spitz@niacc.edu.
Applications will likely exceed available funding, so determination will be made on demonstration of financial need, extent of impact, and employees directly affected. Criteria may include but is not limited to business classification, business type, demonstration of financial need, impact to revenue, and other applicable information. The review committee will review in a timely manner all completed applications.
If you have questions or need assistance with the information requested, you may email us at beth@forestcityia.com or norma@forestcityia.com Please provide your specific questions and contact information within your email; they will respond to questions as quickly as possible or call 641-585-5560
Application Review Process:
- Applications open beginning May 4th.
- Full Applications due by May 15th.
- Applications ranked by business impact level and need based on committee review
- Award amount determined by the level of impact, including loss in sales revenue, employees, and immediate financial need
- Awards may be less than requested to ensure funds are available to help the most businesses possible
- A completed application is not a guarantee of financial assistance
- Notification of award decisions and disbursement of grant/loan funds will be made weekly.
Documents & Information to Prepare for Application (all items strictly confidential):
- Profit and loss statement (P&L) – Jan- March 2019 compared to P&L – Jan- March 2020
- Balance Sheet (as of application date)
- Payroll prior to March 31st, 2020
- 2019 Tax Return
- W-9 (template in application)
- Federal Tax ID#
Additional fields include:
- Date of business establishment
- Description of Economic Impact Loss (loss of sales, revenue, employees, etc.)
- Number of employees – payroll on March 31st
- Number of employees working remotely as a result of the disaster
- Description of how funds will be utilized to maintain operations or reopen after the disaster