The City of Cedar Rapids, in partnership with the Iowa Department of Economic Development, the Iowa Finance Authority and the Rebuild Iowa Office, offers seven funding assistance programs for businesses impacted by the Flood of 2008.
- Equipment Reimbursement Assistance Program: The purpose of this program is to provide financial assistance to businesses that (1) owned their own building, or (2) leased rental space, during the 2008 natural disaster(s).
- The building or rental space must have sustained physical damage to machinery, equipment, furniture, inventory or supplies.
- Awards are limited to 75% of replacement cost, not to exceed a total amount of $75,000 per business.
- Any business awarded funds must be located in a presidentially-declared county at the time assistance is provided.
- Businesses eligible under the Business Rental Assistance Program (BRAP), will not be eligible for additional assistance under this element.
- Additionally, in-home businesses are not eligible for assistance.
- Flood Insurance Reimbursement Program: The purpose of this program is to provide financial assistance to reimburse businesses for the cost of flood/sewer backup and related business interruption insurance coverage.
- Businesses are eligible if they meet one of the following criteria: (1) had water in their building as a result of the 2008 disaster(s), involving overland flow or sewer backup; and/or (2) are located in the 100- or 500-year floodplain.
- Under option (2), businesses that located to either floodplain subsequent to the disaster may also be eligible for assistance.
- Reimbursement would be for a one time, one year of coverage, up to $5,000 per qualified business.
- Expanded Business Rental Assistance Program: The purpose of this program is to provide financial assistance to a business located in or planning to locate in a business rental space that was physically damaged by the 2008 natural disaster(s).
- Assistance will be in the form of rental assistance to help offset building rental lease payments for a maximum of six months. T
- his expanded program (EBRAP) also provides assistance in the form of reimbursement for up to 50% of replacement costs associated with machinery and equipment, office equipment, furniture, supplies and inventory physically damaged by the 2008 natural disaster(s).
- Awards are not to exceed a total award of $50,000 per business. In-home businesses are not eligible for the funds.
- Loan Interest Supplement Program: The purpose of this program is to provide assistance in the form of interest supplements to businesses who have obtained physical disaster loans or economic injury disaster loans from an eligible lender.
- Funds will be provided to individual businesses, for a maximum of three (3) years, not to exceed $50,000 per business.
- Commercial Rental Revenue Program: This program element is designed to assist with cash flow for commercial building owners to offset the loss of revenue from rental space that was physically damaged by the disaster.
- Up to 12 months lost rental revenue is available to businesses who own commercial rental property, up to $25,000 per unit.
- Residential Landlord Business Support Program: This program element is designed to compensate for lost rental revenue for residential rental landlords providing affordable housing, whose rental units were physically damaged by the disaster.
- Steam System Conversion and Reimbursement Program: The purpose of this program is to provide assistance to flood-impacted businesses to offset the cost of high steam heat bills after June 13, 2008 and/or to subsidize the cost to convert from steam to alternative energy systems.
Supporting Agencies
Click any of the links below for additional information about the agencies supporting these programs.