This grant program aims to grow the capacity and sustainability of targeted small business owners and entrepreneurs (women, individuals with minority status, service-connected disabled veterans, and individuals with disabilities) through coaching, business support services, or technical assistance services that are targeted to uniquely address each individual business’ barrier(s) to growth and development.

View Business Development Grant Program Fact Sheet

The application period closed on November 6, 2024 at 3:00 p.m. Applicants will be notified of selection decisions by December 1, 2024.

Any Iowa City based business owner or entrepreneur who is certified or eligible to become certified as a Targeted Small Business (TSB). Selected applicants who do not currently hold a TSB designation must commit to apply before the end of the grant term.

Up to $5,000 grant award

Applicant must work with an approved business support coach or consultant on a business growth or development objective.

Grant funds may be used for equipment, technology, software, inventory, professional services (legal, marketing, tax/financial, etc.), debt restructuring, capital expenses, or down payment/security deposit assistance on commercial space for the business. A “Grant Expenditure Plan” will be developed by the applicant in collaboration with their selected business support consultant.

Please read the Business Development Grant Program Fact Sheet for additional details.

Frequently Asked Questions (FAQs)

Can businesses located outside of Iowa City apply?

The business must be physically located in Iowa City, which means either (1) the address of a physical location of the business is within Iowa City limits; or (2) if the business is home-based or digital-based, the home address of the business owner must be within Iowa City limits. Unfortunately, businesses which are based outside of Iowa City are not eligible, even if they provide services within Iowa City.

Why doesn't the application ask how I plan to use the grant funds?

This grant program takes an alternative approach. Instead of identifying how you plan to use grant funds up front, this grant application asks you to identify the "business development objective" you would like to work on for your business. In short, this means a challenge or barrier that needs some attention in order to make your business more profitable, sustainable, or successful.

If selected, you will work with a business coach, consultant, or technical assistance service on this business objective. That work should inform how you plan to spend the grant funds. We are hoping applicants are open to the idea that how they ultimately choose to spend the grant funds may not be the same as what they originally thought they should spend them on. 

TIP: To improve your chances of a successful grant application, we advise that when completing the "Business Objective & Coach/Consultant Support Questions," you respond to the questions as they are asked, instead of listing how you would like to use the grant funds.

When will grant award decisions be made?

The application period closed on November 6, 2024 at 3:00 p.m. Applicants will be notified of selection decisions by December 1, 2024.

Contact

If you have questions about this grant program or need assistance applying, please contact Economic Development Coordinator Rachel Kilburg Varley at rkilburg@iowa-city.org or 319-356-5248.