Business Disaster Recovery Programs

A number of programs are available for business disaster recovery through the state and federal programs. ECICOG's flood recovery programs serve businesses in Linn County outside the corporate limits of Cedar Rapids, Johnson County outside the corporate limits of Iowa City, as well as all of Benton, Iowa, Jones and Washington Counties. Revolving Loan Funds may also be available for businesses interested in expansion.

Equipment Reimbursement Assistance Program

The purpose of the disaster recovery equipment reimbursement assistance program (ERAP) 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 $300,000 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.

Business Equipment Reimbursement Assistance Program Guidelines

Flood insurance Reimbursement Program

The purpose of the disaster recovery flood insurance reimbursement (FIRP) 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.

Flood Insurance Reimbursement Guidelines

Expanded Business Rental Assistance Program

The purpose of the disaster recovery business rental assistance program (BRAP) 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. This expanded program (EBRAP) also provides assistance in the form of reimbursement for up to 75% 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 for BRAP and $300,000 for EBRAP. In-home businesses are not eligible for the funds.

EBRAP Guidelines

Loan Interest Supplement Program

The purpose of the Loan Interest Supplement 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.

LISP Guidelines

Commercial Rental Revenue Program

The 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.

Commercial Rental Revenue Gap Program Guidelines

Contact for the above programs:
Tracy DeKoter, ext. 130

Residential Landlord Business Support Program

The program is designed to compensate for lost rental revenue for residential rental landlords providing affordable housing, whose rental units were physically damaged by the disaster. Landlords may receive up to $15,000 per business tax identification number.

RSBS Guidelines

Contact for the above program:
Melanie Riley, ext. 138