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Commercial Rental Assistance Program applications available now |
| Updated: April 04, 2011 |
A new program to assist disaster-impacted businesses will provide financial assistance to companies located in, or planning to locate, in rental space that was physically damaged by the 2008 natural disasters.
The Disaster Recovery Business Rental Assistance Program, which will be funded through Community Development Block Grant (CDBG) dollars, will provide rental assistance to help offset lease payments for up to six months not to exceed a total award amount of $50,000. The award will be in the form of a forgivable loan to a business that has entered into a minimum one year market rate lease agreement. If the business stays open for the six month time period, the loan will be forgiven.
This new program is designed to compliment and complete the works of the Jumpstart Business Assistance Program, which stopped accepting applications on April 15.
This program will assist not only businesses currently located in disaster areas, but will create an incentive and an opportunity to attract new businesses to grow and expand into these communities.
The program begins accepting applications today, April 16 and will be available at www.iowalifechanging.com/flood.html. Businesses who have received JumpStart Business or Jobs and Small Business Recovery grants are still eligible.
Key eligibility points for your business:
•Located or planning to locate on any floor of a business rental space physically damaged by 2008 natural disaster
•Enter into a minimum one-year market lease
•Six months rental assistance, for a maximum of $50,000
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