APPLICATION IS OPEN
CLOSES JUNE 7, 2020 at MIDNIGHT
To access the application, click HERE.
For Frequently Asked Questions, click HERE
The City of Muscatine has established a loan program designed to provide financial assistance to local small businesses affected by the COVID-19 outbreak. The Economic Assistance for Muscatine Small Businesses program is being implemented to ensure Muscatine’s economy can rebound as quickly as possible from the impacts of the COVID-19 outbreak.
“We recognize that we have to step up, and not in a minor way, to make sure that we can get past this,” Greg Jenkins, Muscatine Interim City Administrator said.
The program, developed in cooperation with the Community Foundation of Greater Muscatine and the Greater Muscatine Chamber of Commerce and Industry will be administered by the City’s Department of Community Development and will be administered much the same way as the Small Business Forgivable Loan program.
Applicants will need to be a for-profit business that has been in operation prior to May 1, 2019. The number of employees is limited to a maximum of 25 (including sole proprietor), and the business must be able to demonstrate a loss in revenue due to the COVID-19 outbreak. The loans can be forgiven based on a six-month review of the loan. Businesses must not have any liens held by the city, county, or state nor have already received aid from other state and/or federal sources.
Up to $2,500 will be available to each approved business for legitimate business expenses such as rent, mortgage, utilities, inventory, or personnel.
The application period will open May 28 with a deadline for submission of June 7.
A loan review committee of city staff, individuals from the banking community, and a representative from City Council will review the applications. The committee is similar to the one established for the Small Business Forgivable Loan program. A scoring matrix will be used to evaluate applications based on a variety of factors including eligibility, demonstrated need, and ability to execute a loan agreement.
For more information, click here to go to ECONOMIC PROGRAMS