Finkenauer Announces $3.6 Million for New Revolving Loan to Aid Iowa Small Businesses Affected by the COVID-19 Pandemic

WASHINGTON, DC – Congresswoman Abby Finkenauer (IA-01) on Friday announced a new revolving loan fund to aid northeast Iowa small businesses impacted by the COVID-19 pandemic.

Small businesses in Black Hawk, Bremer, Buchanan, Butler, Chickasaw and Grundy counties will be eligible for $3.3 million in loan funding through the federal Economic Development Administration’s CARES Act Recovery Assistance program.

The loans are meant to alleviate the sudden and severe economic distress caused by the COVID-19 pandemic, as well as provide permanent resources for support and long-term economic adjustments of the affected communities. In addition to the $3.3 million to capitalize the loan fund, the grant includes $330,000 for administrative costs.

"Our small businesses — from our cities to our rural main streets — are struggling to survive as this pandemic and economic downturn continues into its seventh month,” Congresswoman Abby Finkenauer said. “This new loan program provides additional resources to keep local entrepreneurs afloat during these tough times."

The funding was made available through the CARES Act, the coronavirus relief package Congresswoman Finkenauer helped pass into law last spring.