January 27, 2020 – The City of Davenport Small Business Resiliency Project, funded by the CARES Act, has awarded over $500k in forgivable loans to 28 Davenport businesses that have been impacted by the COVID pandemic.
“Funding through the Small Business Resiliency Project will provide much needed relief to our local small businesses, who we know have faced extreme uncertainty over the past year. The small businesses in Davenport contribute to the vibrancy of our community, and we want to see them succeed,” Said Susanne Knutsen, Economic Development Manager for the City of Davenport.
Businesses eligible for the Small Business Resiliency Project include those that have been established in Davenport since March 2019 or before and employ up to 50 full-time equivalent employees. Funding can be used for expenses such as mortgage or rent, utility costs, employee salaries or wages, and operating expenses such as inventory.
One recipient of the Small Business Resiliency Project was Me & Billy, a restaurant located in Downtown Davenport, who used the funding for payroll expenses.
"The restaurant industry has faced many obstacles throughout the pandemic, including limited operating hours, capacity restrictions, and even closure. This has placed a financial burden on many, and our business hasn't been immune. No matter how creative we try to be, it just doesn't make up for the lost revenue. We're thankful for the funding provided by the Small Business Resiliency Project to help stabilize our business and retain jobs," said Fran Maus, owner of Me & Billy.
The City anticipates launching a second round of COVID Resiliency funding in early 2021, as well as other business assistance to aid in recovery efforts.