Grant Amount: $5,500 to $15,500
Several Marion small businesses will be receiving Business Innovation & Support grants as part of the city’s funding allocation from the American Rescue Plan Act (ARPA).
The city council approved a total funding allocation of $400,000 to the program at their Sept. 8 meeting. Earlier this summer, the council approved $4.11 million in ARPA funding for water and sanitary sewer infrastructure improvement projects.
The city launched the small business grant program in July. It’s designed to provide financial relief on a matching basis for innovation, expansion, and growth to Marion businesses from Marion’s total $6 million ARPA allocation.
The Business Innovation & Support Grant is designed for small businesses with one to 10 employees. The grant provides funding ranging from $5,500 to $15,500, and each award comes with up to five hours of mandatory business counseling by a pre-approved business coach. $500 is reserved from each cash award for the coaching fee.
Businesses must be located in Marion, and priority will be given to small businesses in the retail, food service, arts and entertainment, hospitality and service, fitness, personal service, and transportation sectors.
Marion also approved an agreement with the Iowa Center for Economic Success to manage the ARPA small business grants program.
HOW TO QUALIFY
HOW TO QUALIFY
- 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.