Program

Funding Source

Administration 

Purpose 

Provided working capital immediately after the food. Awards started at $15,000 for each business. An additional $5,000 if the business reopened in a flood impacted building. Plus an additional $5000 if the business also was the building owner and reopened in a flood location. (~ $6M)

Jump Start 1

These funds were meant to serve as interim funding and offer immediate relief in the months before additional funding arrived. Max Award $50,000. (~$19M)

This program assisted businesses which experienced temporary or permanent displacement of employees due to the disaster with grants of up to $5,000. (~$1.7M)

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 $100,000 per business.

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 $30,000 per qualified business.

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. Awards are limited to 100% of business expenses associated with the purchase of machinery and equipment, office equipment, furniture, supplies and inventory, not to exceed a total amount of $400,000 per business.

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.

Provide reimbursement of some of the costs associated with conversion from city steam heat for buildings as well as to off-set higher utility bills. (~$2M)

The City of Cedar Rapids created a Voluntary Property Acquisition process to reduce the loss of life and property in future disasters. Each individual land transaction includes clearing title objections and legal documentation. All acquisitions in this process are based on the pre-flood assessed value of the property. This is a voluntary program and no one is required to participate. Property owners may choose to withdraw from the process at any time before the closing.

This program provides relocation assistance to Cedar Rapids businesses located in the NW 1st Corridor who are now on the “wet side” of the proposed levee. These businesses repaired their businesses prior to their knowledge of the levee location and will be reimbursed for the gap between the insurance proceeds/pre-flood property value and the actual cost to repair their business post disaster. In-home businesses are not eligible for the funds.