Date: May 4, 2020
Beth Bilyeu, Forest City Economic Development
Barb Smith, City Administrator
barb@forestcityia. com 641-585-3574
Norma Hertzer, Chamber of Commerce
Announcement of the Small Business Recovery Fund.
Forest City, Iowa – Today Forest City announced the launch of the Small Business Recovery Fund, a partnership with the Chamber of Commerce, City of Forest City, and Forest City Economic Development to provide financial relief to our small businesses who have been negatively impacted by the COVID-19 pandemic.
Combined donations from The Hanson Foundation, City of Forest City and Forest City Economic Development result in $160,000 for the Forest City Small Business Recovery Fund. This amount will fund approximately 38 local businesses.
Forest City businesses who have experienced significant disruption and revenue losses will be eligible for a ½ grant ½ loan up to $5,000 to help ensure business continuity. The goal of the program is to assist small businesses who have 25 or fewer full time equivalent (FTE) employees and are within the city limits of Forest City to maintain operations.
“This assistance will provide our businesses with immediate, short-term cash flow that can be used for lease/mortgage payments, utilities, payroll, or other costs.” said Economic Development Director Beth Bilyeu. “We are pleased to be part of another successful partnership that offers assistance to Forest City businesses.”
“Our small businesses are the heart of our community and we must support them during this time of need,” said Forest City Mayor Byron Ruiter. “This program will assist small businesses who are experiencing a negative financial impact from COVID-19 pandemic.”
Forest City Economic Development will administer the program, with a review committee determining the award amount by the level of impact based on revenue losses, employee disruption, and several more factors. The full program details and application are available on the home page at forestcityia.com