DES MOINES — The Iowa Department of Economic Development has created a fund to help targeted small businesses deal with the effects of the COVID-19 pandemic.
The fund is specifically aimed at businesses “with zero employees,” in other words, businesses that are run by their owner. Targeted Small Businesses are those run by women, members of minority groups and those with disabilities.
To qualify, businesses must either already have TSB certification or have an application in process by April 10. The applicant must also verify that the business “is the sole source of income for the business owner.” The businesses must make less than $4 million in gross income.
Assistance from the new fund will range from $5,000 to $10,000. It is designed to be an immediate, short-term infusion of cash for the next 30 days.
Money from the fund can only be used to pay debts incurred on or after March 17.
Applications are available at iowabusinessrecovery.com.