March 15, 2021 - City of Davenport Economic Development staff is preparing to award additional assistance to qualified small businesses that have been negatively impacted by COVID-19. The Small Business Resiliency Project opened up a second round of funding on March 15 with the addition of the new MicroEnterprise Resiliency Project. Both Resiliency projects are funded by CARES funding through the Community Development Block Grant program. 

“I wanted to thank you again for all of your help with the forgivable loan,” says Tricia Collins, owner and stylist at Polished Hair Lounge in her response to Susanne Knutsen, Economic Development Manager. “Polished surely would have been facing closure had we not received that money. The work you do is very admirable and Davenport is fortunate to have you working for their Economic Development.” 

Knutsen and her team approved 31 Small Business Resiliency Project applications in the first round. In the second round, qualifying businesses will be eligible to receive up to a $20,000 forgivable loan that can be used for rent/mortgage, salaries and wages, and operational expenses. Businesses must have been operational as of March 31, 2020 and have 50 or fewer full-time equivalent employees.

Round two will also include the new MicroEnterprise category with a separate application. The MicroEnterprise Resiliency Project began accepting applications on March 15. A microenterprise must have no more than 5 total owners and employees. Like the Small Business Resiliency Project, a microenterprise must be made up of at least 51% of individuals that are a part of a low- to moderate-income household, or can also be owned by a low- to moderate-income owner. The MicroEnterprise Resiliency Project has a less rigorous underwriting process and the maximum grant for qualifying businesses is $5,000. 

Microenterprises are able to apply for the Small Business Resiliency Project grant, but they must be able to meet all of the application requirements. Applicants are only allowed to apply for one of the programs. 

The application window opened March 15 and will remain open until funds are depleted. 

To find more information on both programs and to download an application, click here.