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2020 Emergency Fund for Rock Island Small Businesses Impacted by COVID-19

Note that we are not able to respond to applicant inquiries via phone and email. Please refer to this website for information. If you haven’t already completed the Rock Island COVID-19 Business Resource Form, please help us gain as much information about our business community as possible.

Overview
To mitigate barriers to capital for Rock Island’s most vulnerable businesses, through its public-private partnership with the City of Rock Island, DARI will administer an emergency fund that provides working capital grants in amounts up to $2,500 to qualifying small businesses. The following is the investment criteria for financial support:

Criteria

  • The business owner must employ low- or moderate-income individuals (≤80% of the Area Median
  • Income, or a person earning at or below $40,750).
  • Business owners will need to provide their Employer Identification Number.
  • The business must have ten employees or less (full time or part time).
  • The business must have a physical establishment in the city of Rock Island. Our priority is to assist companies that sell products and services to their customers face-to-face.
  • The business must have experienced a loss of income due to COVID-19.
  • The program will be available to all citywide businesses meeting the eligibility requirements.
  • Businesses located in low-income census tracts will be given preference.
  • Funding will be provided to business entities only. Acknowledgement of the business having a business bank account and employer identification number (EIN) will be required.
  • Grants may be used to cover the day-to-day operating expenses of the business, such as payroll or losses due to destabilizing events.

When will applications be accepted?
Applications are currently being accepted, and will be on a first come, first serve basis. There is no deadline for submission, and no guarantee that you will be funded.

When will decisions be made on individual applications?
Applications will be reviewed on a rolling basis and decisions will be made as quickly as eligibility can be confirmed.

Frequently Asked Questions

What are the eligibility requirements?
Businesses must meet the following requirements to be eligible to apply:
(1) The business owner must employ low- or median income individuals earning at or below ≤80% of the Area Median Income (or a person earning at or below $40,750 per year);
(2) The business must have 10 or fewer employees, including the owner(s);
(3) The business must have a physical location in the city of Rock Island, and
(4) The business must have experienced a loss of income due to COVID-19.
(5) Grant candidates must meet the requirements and agree to share financials and other essential information.

What businesses are NOT eligible to apply?
Businesses that are franchises and national chains.

Up to what amount of money can a business apply for?
Grants will be awarded in an amount up to $2,500.

Will you award only for the amounts requested in the applications?
Yes. It is on a first come, first serve basis. Since our resources are limited, we have asked in the application exactly how much the small business needs immediately- either $500, $1000, $1500, $2000, or $2500. Our intention to try to serve as many businesses as possible temporarily until other resources become available.

What can the grant be used for?
Grant money may only be used for the operating expenses of the awarded business. The operating expenses are defined as the day-to-day trading operations of the business such as covering payroll and rent.

When must applications be submitted?
Applications will be accepted on a rolling basis until all available grant money is awarded.

Where must businesses be located to be eligible to apply?
The program will be available to all Rock Island businesses meeting the eligibility requirements.

When will decisions be made on individual applications?
Applications will be reviewed on a rolling basis and decisions will be made as quickly as eligibility can be confirmed.

When will grants be announced?
Grant cycles will be announced on a rolling basis.

What is the timeline for grant making, and how quickly can someone expect to get money?
The goal is to make grant commitments to applicants within 5 business days of grant submission, with checks to be mailed shortly thereafter.

Thank you to the City of Rock Island for their strong public-private partnership, coming together to support our small business community.

Apply for Rock Island Small Business Stabilization Fund

Before submitting your application, please read the entire application and full details and FAQ above.

Note: Please complete your application in full and click “Submit” at the bottom of the form. Partially completed form data will not be saved. Partially completed grants will not be considered. If you close this window or navigate to another page, you may lose your unsaved changes.

Please email files that provide evidence of the impact COVID-19 has had on your business (i.e. sales reports from point of sale system, etc):

EMAIL DOCUMENTS

 

Read the full press release here: Rock Island Partnership launches emergency grant fund for Rock
Island Small Businesses impacted by COVID-19