NI Corridor announces fund for small businesses

The North Iowa Corridor EDC has announced the launch of a Small Business Recovery & Continuity Fund in partnership with the City of Clear Lake, the City of Mason City, and Cerro Gordo County to provide financial relief to small businesses through the impact of the COVID-19 pandemic.

Businesses who have experienced significant disruption and revenue losses will be eligible for grants up to $5,000 to help ensure business continuity. The goal of the program is to assist companies within Cerro Gordo County in maintaining operations through the pandemic, or reopening once it is over.

“This assistance will provide our businesses with immediate, short-term cash flow that can be deployed for a variety of uses; including lease/mortgage payments, utilities, payroll, or other costs while they are unable to conduct normal operations,” said Chad Schreck, president and CEO of the North Iowa Corridor.

The program is pending approval by each entity (see Clear Lake City Council on this page).  The goal is to raise over $500,000 collectively pending approval of each body. Private businesses or individuals that would like to support local businesses through the effort will also be able to donate to the fund.

“Our local businesses are the lifeblood of our community and have always stepped up to support our community’s events and organizations,” said Clear Lake Mayor Nelson Crabb. “This program is one small way we can return the favor and make sure both they and our local economy are able to bounce back from this truly unprecedented time.”

“As a small business person myself, I know how scary it is to not know if you can make the next mortgage payment or payroll, especially when you can’t keep your doors open or serve your customers or generate revenues through no fault of your own,” said Cerro Gordo Supervisor Tim Latham.

Cerro Gordo County Supervisors were scheduled to discuss the fund at their Tuesday, April 7, meeting.

The North Iowa Corridor will administer the program, with a review committee determining the award amount by the level of impact based on revenue losses, employee disruption, etc.  The full program details and application are at www.northiowacorridor.com/RecoveryFund. Pre-applications to verify eligibility will open today (April 8), with first review of full applications April 17 and continuing weekly until funds are expended. Priority will be given to locally owned independent businesses under 25 employees.

“We are excited to partner on this important initiative for local entrepreneurs and small businesses,” concluded Mason City Mayor Bill Schickel. “This situation is overwhelming for all of us right now, but by working together and supporting one another we will overcome this challenge.”