Exploring Small Business Grants in Iowa

Introduction

Navigating the world of small business grants can be daunting, especially if you're a business owner in Iowa. However, with the right resources and information, securing a grant for your small business can provide crucial funding to help you grow and succeed.

Types of Grants Offered in Iowa

Iowa offers a diverse array of grants tailored to different business needs and sectors. These include:

State-Funded Grants

The Iowa Economic Development Authority (IEDA) is a key source of state-funded grants. For instance, the High Quality Jobs (HQJ) program provides financial assistance to businesses that create quality jobs and invest capital in Iowa communities. Another state initiative is the Targeted Small Business (TSB) Program, which offers grants to businesses owned by minorities, women, individuals with disabilities, and veterans.

Federal Grants

Federal programs like the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) offer grants to support innovative research and development. These programs encourage small businesses to engage in federal research and development with the potential for commercialization.

Local and Regional Grants

Various local governments and regional economic development organizations provide grants to stimulate local economies. For example, the Greater Des Moines Partnership offers grants and resources to support small businesses in the Des Moines area, while the Corridor Business Journal highlights grants available to businesses in Eastern Iowa.

Identifying and Applying for Grants in Iowa

To identify suitable grants, start by exploring state and local government websites, such as the Iowa Economic Development Authority website. Additionally, utilize grant databases and networks like Grants.gov for federal grants. Once you've identified potential grants, follow these steps to apply:

1. Check Eligibility: Each grant has specific criteria. For instance, the TSB program requires businesses to be at least 51% owned, operated, and actively managed by an individual who is a minority, woman, person with a disability, or a veteran.

2. Prepare Documentation: Gather necessary documents such as business plans, financial statements, and tax returns. For example, the HQJ program requires detailed financial projections and evidence of job creation.

3. Submit Application: Follow the specific guidelines for each grant application meticulously. This includes submitting applications through online portals like the IEDA's application system or federal platforms like Grants.gov.

Local resources such as the Iowa Small Business Development Center (SBDC) offer workshops and one-on-one consulting to help small businesses with grant applications. Additionally, many regional economic development organizations host informational sessions and provide direct assistance to businesses seeking grants.

Table of Small Business Grants in Iowa

Local Grants in Specific Iowa Cities

Several cities in Iowa offer local grant programs specifically designed to support small businesses and stimulate economic development. Here's a detailed look at the local grants available in Des Moines, Cedar Rapids, and Davenport:

Des Moines

Des Moines Business Support Grant

• Description: The Des Moines Business Support Grant is aimed at providing financial assistance to both new and existing businesses to foster economic growth within the city.
• Target Audience: Small businesses operating within the city limits of Des Moines.
• Application Period: Application periods typically vary and are announced periodically. It is recommended to visit the official website of the City of Des Moines or contact the local economic development office for current application timelines.
• Granting Authority: Managed and administered by the economic development office or a similar department within the City of Des Moines.

Cedar Rapids

Cedar Rapids Economic Development Grant Program

• Description: This grant program is designed to support businesses that contribute positively to the local economy and community of Cedar Rapids.
• Target Audience: Small businesses and entrepreneurs located within Cedar Rapids.
• Application Period: Application periods and deadlines are usually announced annually or biannually. Detailed information can be obtained from the Cedar Rapids Economic Development Office or the official city website.
• Granting Authority: Administered by the Cedar Rapids Economic Development Office or a similar municipal department responsible for economic growth initiatives.

Davenport

Davenport Revolving Loan Fund

• Description: The Davenport Revolving Loan Fund provides financial assistance in the form of grants and loans to small businesses. The fund aims to encourage job creation, retention, and overall economic development within Davenport.
• Target Audience: Small businesses located in Davenport, particularly those looking to expand operations or create new job opportunities.
• Application Period: Specific application periods are typically announced annually. Interested businesses should visit the City of Davenport's official website or contact the economic development department for current application details.
• Granting Authority: Managed by the economic development office or a similar municipal entity overseeing economic initiatives in Davenport.

For precise eligibility requirements, application procedures, and updates on grant availability, direct contact with the granting authorities or regular monitoring of official city websites is encouraged.

Additional Insights

While grants are a significant source of funding, they often come with specific requirements and competition can be intense. For example, the IEDA’s programs often require detailed evidence of job creation and capital investment, which means businesses must be prepared with robust documentation and projections. It’s crucial to maintain a well-organized and compelling application. The IDEA website is a valuable resource for the latest information on grant programs and application guidelines.

FAQs on Small Business Grants in Iowa

What types of small business grants are available in Iowa?

Iowa offers grants focused on job creation, business expansion, community development, and support for minority-owned businesses. Specific programs include the High Quality Jobs (HQJ) program and the Targeted Small Business (TSB) program.

How can I find small business grants in Iowa?

Utilize resources like the Iowa Economic Development Authority’s website, local chambers of commerce, and business development centers such as the Iowa Small Business Development Center (SBDC).

What is the typical application process for these grants?

The process generally involves researching eligibility, preparing necessary documentation, and submitting a detailed application through platforms like the IEDA's application system or Grants.gov.

How Scout Can Help Companies Apply for and Win Grants/Incentives

Scout provides expert guidance to businesses seeking grants, helping them identify suitable opportunities, prepare compelling applications, and comply with grant requirements. With a deep understanding of the grant landscape in Iowa, Scout can streamline the application process and increase the chances of success. Reach out to learn more.

Remember: subsidies aren't just handed out, they are thoughtful programs developed to achieve a certain type of economic development. So before selecting the right subsidy for your company, make sure you know how your business matches the desired outcome the granting authority is looking to achieve. 

For help getting grants and subsidies, click the red button below.

Links to this Article

• Iowa Economic Development Authority
• Iowa Small Business Development Center
• Community Development Block Grants
• Targeted Small Business Program