We are excited to announce that applications are now open for the new Wapello County Small Business Emergency Impact Fund. This new Legacy Foundation created and managed fund was established specifically to assist small businesses suffering financial losses due to the impact of the Coronavirus (COVID-19) pandemic. Applications will be accepted online here. The deadline for application submission is May 15, 2020 at 5 pm.
In announcing the new fund, Legacy CEO Steve Dust said, “Our local small businesses have always been there to serve us with a rich selection of products and services while additionally providing many employment opportunities. They are part of what makes our community unique and special. This new grant fund is one way that we are attempting to reflect that commitment and help them weather this pandemic-driven economic storm.”
Qualified applicants are eligible for up to $5,000 to assist in immediate relief to their business. This fund was created in direct response to the pandemic and is intended to provide immediate, short-term cash flow assistance to for-profit operations. (The Legacy Foundation also has emergency relief funds available to our non-profit 501(c)3-designated charitable partners.) The funds cannot be used to pay debts incurred prior to the COVID outbreak and emergency proclamation limitations.
Grants will be based on demonstrated financial need and are subject to all eligibility requirements. Only one grant award is eligible per ownership group.
Recognizing the urgency of these dollars, it is the expectation that award recipients will be announced prior to May 30. Grants will be made based on available fund resources. Application to the program does not guarantee funding.
Businesses must meet the following criteria to be considered:
- Must have experienced a financial hardship directly as a result of COVID-19
- Must have employed between 1 – 25 (FTE) employees as of March 1, 2020
- Businesses with 1 employee must have an independent business address and location. No home-based business will be considered
- Must be in good standing with state and local government jurisdictions
- The impacted business operation must be located in Wapello County.
Applications will be evaluated by a review team comprised of Foundation staff, banking, small business and economic development professionals, and local government representatives.
The Fund is also accepting cash donations from any business, organization, or individual wishing to increase the amount of grants available to Wapello County businesses. “We’re looking forward to partnering with others to serve more businesses, said Dust. This is a time to support your neighborhood and Main Street restaurants, retail and service providers of all kinds. 100% of your gift will fund additional grants.” Contributions to the Wapello County Small Business Emergency Impact Fund are tax-deductible as a charitable contribution. Contact Kelly Genners for more information.