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More than 1,200 small businesses receive grants from Small Business Relief Program

April 15, 2020

As of April 10, all funds from the Small Business Relief Program launched last month have been expended.

More than 1,200 small businesses shared in the $24 million in grants awarded last week through the state’s Economic Emergency Fund and the Iowa Economic Development Authority.

Priority was given to businesses that demonstrated projected revenue losses of 75% or greater and businesses that were among the first to close due to the public health emergency.  These largely consisted of restaurants, bars and breweries throughout the state.

The program offered grants ranging from $5,000 to $25,000 to small businesses economically impacted by the COVID-19 pandemic. Business owners were also offered a deferral of sales and use or withholding taxes due and waiver of penalty and interest.

If additional funding becomes available, additional awards will be made from the current pool of applicants. IEDA will not open a new round of applications.

Click the links below to see the businesses that received grants from Small Business Relief Program.

PREVIOUS COVERAGE

Iowa adds $20 million to Small Business Relief Program grant pool –April 8, 2020

State announces assistance for targeted small businesses -March 26, 2020

Iowa launches Small Business Relief Program in response to COVID-19 -March 24, 2020

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More than 1,200 small businesses receive grants from Small Business Relief Program | Clay & Milk
A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.
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