Business Innovation & Support Grant

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Small businesses are the backbone of our local economy. The events of 2020 and the continual effects of the COVID-19 pandemic have either delayed plans for businesses or created daily operational hurdles. The City of Marion sought to provide relief by providing capital on a matching basis for innovation, expansion, and growth to Marion businesses.

The Business Innovation & Support Grant targeted small businesses with 1-10 employees, granting them dollars ranging from $5,500 to $15,500. The grant came with a 25% cash match requirement and up to 5 hours of mandatory business counseling by a pre-approved business coach ($500 will be reserved from each cash award for the counseling/coaching fee).

Applicants had to demonstrate an entrepreneurial approach to navigating the small business hardships of 2020-2022 and submit an innovative plan to thrive and grow through this business support grant.

Twenty local businesses were awarded a combined $293,156 through this program in Round 1.

The application window for Round 2 is now closed and an announcement of the awards is expected in early/mid-November 2022.

Grant criteria:

Businesses must be located in Marion, Iowa.
Priority is given to small businesses in retail, food service, arts and entertainment, hospitality and service, fitness, personal service, and transportation and fully operational as of Sept. 1, 2020.
Ineligible businesses include adult entertainment; cigar, cigarette, electronic cigarette, and tobacco dealers; check cashing, bail bonds, salvage services, fireworks sales; and auto dealerships.
To determine the grant request level, applicants will need to create an itemized list of how they would use the grant funding. Eligible uses include production equipment, office equipment (software & hardware), expansion expenses, marketing, remodeling, product expansion, signage.
Ineligible uses include property payments, accounts payable, debts, rent, utilities, payroll, interest, raw materials, medication, alcohol, tobacco, or items purchased for resale.
There is a 25% cash match requirement.

Applications were made via the Business Innovation & Support Grant portal. Applicants can monitor the status of their applications online after submission.

Resources:

Checklist of Required Documents
Payroll Report Template
Bookkeeping Template for Financial Statements

How-To Videos:

Application - https://youtu.be/RimguxS6hfM
Sign in - https://youtu.be/Yg8u0_ztcRo

Questions:

Applicants with questions related to funding eligibility and the application process may contact Brooke Prouty director of the Uptown Marion District, or Jill Ackerman, president of the Marion Chamber of Commerce at 319-377-6316.
Applicants with technical questions related to the application itself should email info@theiowacenter.org.

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