Thank you for your interest in the 2025 Main Street Iowa Open 4 Business Program.
The Main Street Iowa Open 4 Business program was developed by Main Street Iowa (MSI) to encourage business development in designated Main Street districts.
What types of things can you spend the money on?
- YES: Display equipment/fixtures, Inventory, Equipment, Marketing, Computers, Software Upgrades, Website development
- NO: Rent, Utilities, Payroll for employees, Remodeling, Vehicles, Employee trainings/workshops
Applicants are required to completed the Phase 1 application with Main Street Waterloo to be be considered for the Waterloo application. If selected, the applicant will work with Main Street Waterloo to complete an online application and submit a three minute "video pitch" about your business idea. The video pitch is a simple video that tells about the idea and how you would invest the Open 4 Business grant funds to help expand and grow your business.
Eligibility:
The competition is open to legal residents of the State of Iowa. Must be 18 years old at the time of submitting an entry. Participants must be a for-profit business located within the Main Street Waterloo district and have been in operations for a minimum of one year prior to submitting the application. Only one business can be submitted by Main Street Waterloo for the Open 4 Business Competition.
- This is a reimbursement grant. Businesses must first make the purchase and then submit their receipts for reimbursement for allowable expenses.
- A 25% cash match was required
- In 2024 the top 5 finalists received $5,000
- In 2024, finalists had the chance to win funds towards their business plan, up to $20,000
- In 2024 the total possible award is $25,000
Main Street Waterloo is only able to submit one application from our district, so we are asking interested business to complete this application. The Economic Vitality Council will review all applications and determine which one to move forward with. We will be looking at:
- Is the applicant eligible based on the Main Street Iowa Guidelines?
- Is the project eligible based on the Main Street Iowa Guidelines?
- Is the application complete?
- Is all information requested provided?
- Is the business/property owner in good standing with the City?
If selected, a representative for the project will work with Main Street Waterloo to complete the full application. The final application will be reviewed by Main Street Iowa and Iowa Economic Development Authority and make awards based on information provided in the grant application. Projects will be scored and ranked according to the scoring criteria outlined in the application.
Phase 1 is due to Main Street Waterloo by March 31, 2025 at 5pm. The Economic Vitality Council will review applications and announce which project we are moving forward with April 11.
Timeline:
- Phase 1 application closes at March 31 at 5pm
- Phase 1 applicants notified April 11
- Weekly meetings or phone calls to ensure application is complete
- Grant application due in early May
- Early June Top 12 finalists named
- Mid June Virtual interviews
- June & July Coaching for state pitch contest
- State Final Presentation and award announcement early August
If awarded the grant, the business is required to remain in operation within the Main Street Waterloo district for 2 years following the contract start date, or they will have to repay the funds.