Muscatine Small Business Forgivable Loan Program

Muscatine’s Small Business Forgivable Loan Program

Ready for you small business to take off?

The City of Muscatine is offering Small Business Forgivable Loans for startup and expansion cost. Businesses can obtain a loan for up to $25,000 for the business at a term of 5 years with 20% of the original loan forgiven annually at the anniversary of the origination of the loan. Funds are allocated up to $15,000 for startup cost and up to $10,000 for code compliance. Businesses receiving funding must be new businesses or be significantly expanding business operations to be eligible. Applicant must meet 1:1 (applicant investment v. grant funding) (may be waived in whole or in part by the City Administrator upon recommendation of the committee). Inventory is not an eligible grant funded expense but does count toward match. The City has allocated $100,000 in funding annually.  Funds will be awarded to qualifying businesses based on availability of funds.  This is a great example of Tax Increment Financing (TIF) at work in our community!

Purpose:  Promote in-fill and redevelopment in targeted areas throughout Muscatine.

Objective:
– Improve Building Infrastructure
– Assist with Capital Equipment Purchases
– Offset Cost of Historic Building Preservation
– Offset Cost to Address ADA Access Issues
– Offset Cost of Fire Code Compliance, Sprinkler Systems, Egress Issues
– Allow Businesses to Allocate Additional Funds to Grow and Expand Business

Program Documents

Application Packet – Small Business Forgivable Loan
Summary
Application
Project Budget Sheet
Sample Agreement
Small Business Forgivable Loan Documents
Downtown Small Business Forgivable Loan District
Park Avenue Small Business Forgivable Loan District
Grandview Small Business Forgivable Loan District

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Supporting small business and downtown revitalization in Muscatine!

For more information:  http://www.muscatineiowa.gov/923/Small-Business-Forgivable-Loan-Program

Here is a summary of forgivable loans to date:

Awards to date:
Home Run Hitters, Baseball & softball pro shop addition, $ 25,000.00
Big River Guns, Gun smithing and firearm sales, $ 16,000.00
Sign Pro, Building improvements and 3D printing, $ 15,000.00
Well Fit Nutrition Bar, Nutritional drinks, product sales and oxygen bar, $ 9,800.00
Rose Bowl, Arcade and laser maze addition to bowling ally, $ 22,350.00
In Process:
Sal Vitale’s Pizzeria, New pizza and pasta restaurant $ 11,850.00
Total $ 100,000.00
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