Targeted Small Business Sole Operator Fund
March 26, 2020
By: Naomi Smith
The Targeted Small Business program is designed to help women, individuals with minority status, service-connected disabled veterans, and individuals with disabilities overcome some of the hurdles to start or grow a small business in Iowa.
If your business has been certified as a Targeted Small Business or will have an application for certification in process by April 10, 2020 and are experiencing business disruption due to the COVID-19 pandemic, you may be eligible for a grant ranging from $5,000 to $10,000 through the Targeted Small Business Sole Operator Fund.
Applications are available on the Iowa Economic Development Authority website. Applications will be processed in order of receipt and submission of all required materials on an ongoing basis until all funds are exhausted. An application will not be processed until it is complete and all required documentation has been submitted. The Iowa Center for Economic Success will process applications and make recommendations to the Iowa Development Authority regarding eligibility and grant amount.
To be eligible:
- Your business must be experiencing business disruption due to the COVID-19 pandemic; and
- Your business must be certified as a Targeted Small Business or have an application in process by April 10, 2020, to become certified as a Targeted Small Business in accordance with Chapter 52 of Iowa Code; and
- Your business must be owned by a single owner and have no employees prior to March 17, 2020; and
- Your business income must be primary source of personal income for business owner; and
- Your business must have been in business for twelve months prior to April 10, 2020.
If you are not currently certified as a Targeted Small Business, you may submit an application here. To be eligible, your business must be:
- Located in the state of Iowa; and
- Operating for a profit; and
- Making less than $4 million in gross income, computed as an average of the preceding three fiscal years; and
- Majority owned (51% or more), operated and managed by a female, individual with minority status, service-disabled veteran or individual with a disability.
If you have any questions or need assistance regarding the Targeted Small Business Sole Operator Fund or any other economic assistance for your business, please contact your Nyemaster Goode attorney.