HCED announces small business recovery effort

Hancock County Small Business Recovery Effort is a $2,500 grant program to support our community’s small businesses during this unprecedented time due to Covid-19.  

Small businesses are critical to our small communities.  Small businesses and nonprofits that operate in Hancock County are the glue that holds communities together.  

These funds will assist Hancock County Economic Development’s “Small Business Recovery Effort Program” to strengthen these businesses during a difficult time. The grant monies will be used to support those organizations who are unable to access support from local, state, and federal programs. Our communities will weather this pandemic by working together. 

#HancockCountyWeStand

To help small businesses through the impact of COVID-19, the Hancock County Economic Development has launched the Small Business Recovery & Continuity Fund for companies in Hancock County. Businesses who have experienced business disruption and revenue losses will be eligible for grants up to $2,500 to help ensure business continuity. This assistance will provide businesses with immediate, short-term cash flow that can be deployed for a variety of uses; including working capital, inventory, lease/mortgage payments, etc.

The goal of the program is to assist as many eligible businesses in maintaining operations or reopening after the pandemic to limit the negative economic impact as much as possible. Applicants will need to provide standard business ownership information that the review committee will use to identify how to best distribute funds to provide immediate assistance to businesses experiencing the most impact and pressing needs.

Who is Eligible?  

•Businesses with a physical location and employees within Hancock County (priority to those in operation at least 1 year)

•Businesses negatively impacted by the COVID-19 virus

•Priority given to locally owned independent businesses under 15 employees

•Priority given to businesses/sectors ordered closed by the Governor

Responsibilities of Grantees:

•Registration for Business Counseling with NIACC Pappajohn Center & SBDC 

•Utilize funds to make reasonable best efforts to maintain employment and operation

Contact Information

Please contact the Hancock County Economic Development Director@hancockcountyiowa.com with questions. Please provide your specific questions and contact information within your email; we will respond to questions as quickly as possible.

Want to Help Local Businesses?

You can make a tax deductible donation to the Hancock County Pass through Fund.  Please note Small Business Recovery Effortvia Hancock County Foundation to help grow the fund and increase the impact for more of our businesses. www.hancockcountyiowa.com/funding 

Or continue to shop local and buy gift cards to support your favorite businesses as much as possible.

How to Apply

Applications to confirm eligibility are available now. The application will be due by May 8st, 2020.  The review committee will work diligently to review and respond to applications to get the funds to the most impacted businesses quickly, while ensuring due diligence to make fair and informed decisions.

Applications will likely exceed available funding, so determination will be made on demonstration of financial need, extent of impact, and employees directly affected. Criteria may include, but is not limited to: business classification, business type, demonstration of financial need, impact to revenue, and other applicable information. The review committee will review in a timely manner all completed applications.

Application Review Process:

•Applications due by May 8th, 2020

•Applications ranked by business impact level and need based on committee review

•Award amount determined by the level of impact, including loss in sales revenue, employees, and immediate financial need

•Awards may be less than requested to ensure funds are available to help the most businesses possible

*A completed application is not a guarantee of financial assistance

Notification of award decisions and disbursement of grant funds will be made beginning the week of May 13th, 2020.

If you have questions or need assistance with information requested, you may email us at director@hancockcountyiowa.com

We also encourage businesses to utilize the North Iowa Small Business Helpline at

(641) 422-4737 Monday through Friday, 9:00 a.m. to 4:00 p.m. or email at 

cares@niacc.edu for more information about other funding opportunities and assistance available.