DAVENPORT, Iowa — The City of Davenport is doing what they can to help small businesses survive the pandemic. Right now, they’re processing grants for small businesses. They’re called the Small Business Resiliency Funds and have been given out to 28 businesses so far.
Each business has received $20,000 dollars, totaling $560,000 given out so far. Me and Billy restaurant owner Bill Collins says it’s a huge help. Like many other restaurants this past year has extremely hard on his business. Collins saying, “We were just kind of limping through.”
The restaurant is one of the 28 businesses to receive the resiliency funds. Me and Billy plans to use it for things like payroll and unexpected expenses that pop up over the next three months. Collins saying, “There was a period of time where we hadn’t found out if it had been approved, but once we found out it was a big sigh of relief.”
Davenport Economic Development Manager Susanne Knutsen says the goal is to help businesses get through the next few months expenses. “We can say hey essentially we will cover your expenses for the next three months, up to 20 thousand dollars. Use that time for if you are behind on something or if you need to plan ahead.”
The grant money is coming from the CARES Act. Only small businesses in Davenport are eligible. They must also haver fewer than 50 employees and have been open since before March of 2019. Knutsen says she hopes the city rolls out another round of the grants in the next couple of months. “We’re going to roll out a second round either late February or early March and we'll change that date.”
Hats Hair n’ Wigs owner Gloria Henricksen also received some of the funds. She says she could use a new computer, but with business down doesn’t have the funds for it. She says for her that’s where the grant falls short saying, “You have to have the funds before you can spend to funds to be reimbursed. We only have three months for that forgivable loan, and you have to spend it to get it and I think it’s great they would reimburse us with purchases to keep the salon going.”
Henricksen doesn’t even think she’ll use all the $20,000 dollars before the three months deadline.
She’s thankful for the help she is getting but wishes she could use credit to buy things she needs with the grant money. Right now, she’s using the funds for basic bills. “Lights, gas, electricity, water, and sewer. Trying to stock up on supplies.”
It’s a little bit of help the businesses are hoping can go a long way.