Help for Small Businesses in Davenport

Oct 1, 2020

Davenport wants to help small businesses hurt by the pandemic. It's using federal money from the CARES Act to launch the Small Business Resiliency Project.

Economic Development Manager Susanne Knutsen says the project has 900,000 dollars available for forgivable loans of up to 20,000 dollars.

"Because it is federal funding, the national objective is to create jobs for low to moderate income families. So that's kind of the one caveat is at least 51 per cent of the employees have to be of low to moderate income means."

She says many businesses in Davenport have already received help from other programs, including Paycheck Protection, but still need help. And the forgivable loans can be used to pay for mortgages, rent, utilities, wages, and other costs.

The city will start accepting applications on October 15th, and the deadline to apply is October 30th. More information is on the city website.