Iowa City Today

The City of Iowa City is seeking to invest $4 million in projects and programs that help underestimated populations become entrepreneurs, start or grow a business, and more readily participate in the local economy.

Who can apply?

Non-profit and for-profit organizations based in Iowa City with a proven ability to manage significant grant or loan funds, or can collaborate with the City for technical assistance to manage such funds. Collaborative partnerships are encouraged!

What’s a Statement of Interest?

Your statement of interest is a document that will include a description of your project, co-applicants, a purpose statement, explanation of project benefits, and how they align with the Inclusive Economic Development Plan and City Council Strategic Plan, estimated budget, preliminary timeline, details about prior grant and financial management experience, work completed so far to forward your project, letters of support, and more. The Request for Statements of Interest document provides program details, eligibility requirements, and submission requirements that will guide your application. Statements of Interest are due by 4 p.m. on Monday, May 1, 2023.

What types of projects will the funds cover?

• Physical space for multicultural business hubs, collaboration spaces (shared retail, kitchens, etc.), youth entrepreneurial and community centers. Eligible expenses include land acquisition, construction, remodeling, furniture and equipment, technology, and associated soft costs.
• Business Support Programs that serve underestimated businesses and entrepreneurs, such as small business grant programs, financing programs, technical assistance, community navigating services, and similar business support systems. Eligible expenses include programs that offer support to individual businesses. Requests for operational or technical assistance for individual businesses is not an eligible request at this time.

Applicants are encouraged to review and consider the project and program recommendations on page 8 of the Johnson County Inclusive Economic Development Plan.

I am a small business owner or entrepreneur and I need operational funding or business assistance. Should I apply?

Under this program, requests for operational or technical assistance for individual businesses are not an eligible expense (that includes things like exterior signage for your storefront, rent assistance, or software). Only applicants with a project proposal that falls into one of the two categories listed above should apply.

This program aims to create the physical space and support systems that ultimately serve individual businesses and entrepreneurs. As such, there may be other opportunities for small businesses and entrepreneurs to tap into as a result of the funding awards made under this program.

What is the evaluation process?

After all submittals are reviewed by a team of City officials, one or more of the applicants may be invited to an informational interview to share more about the proposed project. Then, the review team will make a preliminary funding recommendation to City Council. After Council approval of the preliminary funding recommendations, City staff will work with the selected applicant(s) to develop a full funding proposal and grant agreement in order to carry out the proposed project or program.

Attend an upcoming Informational Open House session to learn more!

Interested applicants are encouraged to attend an informational open house session on Thursday, April 6, 2023. You can attend the first session, which starts at noon, or the second session which will begin at 6 p.m. Both will be held in Emma J. Harvat Hall at Iowa City City Hall, 410 E. Washington St.

Full program details and submission guidelines are available here.

Questions about the program may be directed to Deputy City Manager Redmond Jones at rjones@iowa-city.org or 319-356-5012.

Original source can be found here.