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Small Business Help Available in Cedar Rapids

By July 22, 2009January 16th, 2019No Comments

Kirkwood-Based SBDC Office opens Business Recovery Center as part of state-wide effort

The Iowa Small Business Development Centers have agreed to work cooperatively with the U.S. Small Business Administration (SBA) to assist businesses in reviewing and possibly restructuring their SBA disaster loans taken out as a consequence of the natural disasters that struck Iowa last summer. The combination of the 2008 natural disasters and the recent economic downturn has created unexpected difficulties for some disaster loan borrowers.

In Cedar Rapids, the Kirkwood Small Business Development Center has opened a Business Recovery Center at First Avenue and 7th Street SE in the downtown area. The plan is to keep this center open until the demand for loan-restructuring assistance lessens enough to move remaining services to the Kirkwood Training and Outreach Services Center in the Armar Plaza in Marion.

Kirkwood Small Business Development Center Director Al Beach said the needs are “still strong and current” in the area.

“There are 260 small businesses, landlords and non-profit agencies in Linn County that have borrowed from the SBA’s disaster-recovery funds. Hopefully, at least half of these eligible candidates will take the initiative to contact our recovery center office to set up an appointment,” Beach said.

The Iowa Small Business Development Centers will use special disaster funding provided by the SBA and Iowa Department of Economic Development to hire counselors, accountants, and other loan specialists to work with borrowers to undertake not only a review of their current debt structure, but also a review of the business’ operational issues. The goal is to improve performance and profitability. These special counselors will also make an effort to maximize the benefits of the Jumpstart Iowa Recovery Initiative for businesses, an Iowa Department of Economic Development program aimed at assisting Iowans in need of financial help following the 2008 natural disasters.

Letters were mailed by the SBA the week of July 12 advising disaster loan borrowers of the opportunity to consult with their nearest Small Business Development Center about restructuring their disaster loans. The letters recommend borrowers make contact with a Small Business Development Center by August 14. A map showing the locations and contact information for the Small Business Development Centers in Iowa can be found at www.iowasbdc.org .

When disaster struck in the summer of 2008, the Iowa Small Business Development Centers were there to help with the relief efforts. They immediately hired additional counselors to help with disaster recovery. By September of 2008, the Iowa Small Business Development Centers had aided more than 2,000 businesses affected by the disasters. They were at the forefront of helping small businesses during the disasters and continue to help by lending their expertise, support, and services to small businesses throughout Iowa.

The Iowa Small Business Development Centers are funded jointly by the SBA and the Iowa Legislature. The Iowa Small Business Development Centers were created in 1981; they are an outreach program of Iowa State University’s College of Business. Today there are 15 regional centers hosted by the three Regent universities and ten area community colleges.

The Iowa Small Business Development Centers are the leading providers of technical assistance to small businesses in the state of Iowa and the only nationally accredited business technical assistance program. Counseling services provided by the Iowa Small Business Development Centers are free of charge.

To find out more about small business support in the Cedar Rapids area you may contact Al Beach at (319) 377-8256.

For more information on Iowa Small Business Development Centers’ program and services, visit www.iowasbdc.org . For more information on the SBA, visit www.sba.gov .