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Like all others, your small business might have been affected by the COVID-19 pandemic. Various business grants are available to businesses, families, and communities. With the help of these resources and information, small businesses in Iowa will be able to grow and sustain their businesses.
Iowa has $7.58 billion in federal government grants and $5.03 billion in local government funding. Regardless of the type of business, Iowa small business funds can be applied for by small businesses. A total of 63,720 businesses and 93,000 farms are located in Iowa.
Moreover, grants can assist businesses with marketing campaigns, hiring more employees, and closing cash flow gaps. $43.83 billion is paid in payroll and salary in Iowa each year. A bankruptcy petition is filed by an Iowa resident every 10 minutes. An expanding company or a new business start-up cannot receive federal grants. Along with government grants, private grant awarding bodies can also provide funding for new and expanding businesses.
What Is a Grant?
A government/private agency or authority can award funds for developing products, businesses, or projects. In contrast to secured and government-backed loans, grants cannot be repaid. As a source of financing for a business, grants may also replace loans that need to be repaid. Consequently, small businesses benefit greatly from grant programs.
Although grants have a low cost, they are a lengthy process to apply for and administer. You must demonstrate how the funding will assist you in building a successful business in a small business funding application. Non-profit organizations, local governments, and foundations offer various grant funding options.
Iowa Small Grants
Residents of Iowa have access to a variety of grants. There will be a variety of grants available to business owners in 2022.
As a result of the COVID-19 pandemic, the Iowa Economic Development Authority has implemented a Small Business Relief Program to assist small businesses. Small businesses eligible for the program can receive grants, sales deferment, use taxes, interest, and penalty waivers.
CARES Act consists of Coronavirus Relief Funds that support small businesses. These reports provide information on businesses that have received Coronavirus Relief Fund grants. Economic Emergency Fund and Iowa Values Fund payments are not included in this data.
7,179 businesses received relief payments between October 2020 and January 2022. The average relief payment is $17,900, with $129 million disbursed.
If you search for women-owned business grants on Google, you will find a variety of websites. There are many scams on the Internet, and there are also confusing government websites (SBA). Your personal and financial information will usually be requested on forms and applications.
Using the WomensNet website, you may be able to obtain funding for your new business venture. After completing it, you will find it worth your time and effort. Even if it takes time and effort, this is a worthwhile project. Whether you want to learn about Amber Grants or pursue your business dreams doesn’t matter.
Many women-owned and operated businesses are eligible to apply (including Iowa). Amber Grants of $10,000 are available every month to qualified applicants. Consider applying if you want to become one of their 12 monthly winners. Every month, they choose a winner to receive a grant of $25,000 if they meet their eligibility criteria. Over 12 months, the grant can award the recipient $35,000 in total.
The GrantWatch website provides small businesses with access to grants that are relevant to their needs. The website also offers access to loans, grants, and government subsidies for small businesses. You can search for new grants through GrantWatch and contact grant writers who can assist you in preparing winning grant proposals. With GrantWatch, you can search for new grants for free. It only takes a few minutes to fill out a grant application.
Information in the database is accessible only to Iowa GrantWatch subscribers. There is a $199 annual subscription fee and an $18 weekly subscription fee. Since free members are not eligible to apply for grants, they cannot submit them.
The Bottom Line
Many resources are available through the Iowa Small Business Development Center (MSSBDC) for small business owners looking to start or grow their businesses. Government and private organizations have offered financial assistance to small businesses to help them overcome Coronavirus. By encouraging the growth of small businesses, financial aid can boost the economy in various ways. Choosing a funding source from the above list is the best way to get funding for your business.
Are you interested in learning more about different grants and programs that can help you with your living situation? Check out the rest of Gov Relations’ blog section today!