Main Street Waterloo is excited to announce the 2025 Main Street Waterloo Downtown IMPACT Grant. These funds are intended to support existing local businesses in the downtown district who are actively working to positively impact our community. The Downtown IMPACT Grant is funded through generous contributions from businesses, community members, and the Main Street Waterloo Golf Tournament.
Eligible applicant(s) for business projects must be within the designated Main Street Waterloo district. Click this link to see the Downtown Waterloo district.
Main Street Waterloo Economic Vitality Council members will review all applications for eligibility, project impact within the designated Main Street Waterloo district, business innovation, and opportunity for continued growth, enhanced revenue, and financial sustainability. Applicants will be notified in writing of award amounts.
All awarded projects must agree to provide Main Street Waterloo with appropriate budgetary information and expenditures. Main Street Waterloo also reserves the right to share this information, including testimonials and photographs of each project for educational and promotional purposes to further the mission of economic revitalization in the Main Street Waterloo commercial district. Please download this budget template, complete, and upload as part of your grant application.
The PRIMARY goals of the Downtown IMPACT Grant are:
1. Stimulate and support business expansion projects in Downtown Waterloo
2. Create a positive climate for additional district investment
3. Support local revitalization and enhance community engagement
4. Increase partnerships with Main Street Waterloo
ELIGIBILITY:
Eligible businesses must have been in operation since at least August 1, 2024. Businesses and projects projects must have a commercial space within the designated Main Street Waterloo district by August 1, 2025.
GRANT AMOUNTS:
The maximum award for this grant is $17,500. Minimum grants will be no less than $5,000 per awarded applicant.
GRANT CRITERIA:
Downtown IMPACT Grant is open to legal residents of the State of Iowa. Must be 18 years old at the time of submitting an entry.
Employees of the Main Street Waterloo, and the immediate family members of such employees (parent, child, sibling, spouse) are not eligible.
Grantees agree, to the best of their ability, to complete designated projects within 12 months of award notification or show just cause for the delay.
BUSINESS PITCH:
Finalists will be asked to do a 10 minute pitch on their proposed project describing how the business would use the grant funds if awarded. Pitches will be held on Thursday, December 4, 2025 at the Main Street Waterloo office at 12:00 PM. Be creative and have fun! The pitch should be concise, informative, and tell the story of how the grant funds would assist the business and community with continued business growth and development. Pitches may not exceed the 10 minute time allotment. Following the pitch, judges will be allowed 20 minutes for questions.
APPLICATION DEADLINE:
Completed applications must be submitted no later than October 23, 2025 at 5:00 PM. Late applications will not be considered. Incomplete applications may result in disqualification.
PROJECT REVIEW:
Main Street Waterloo will review submitted projects 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. All applicants will be notified in writing by November 14, 2025 if they will be moving on to the Business Pitch or not.
AWARD ANNOUNCEMENT:
The announcement of project awards will be announced no later than December 12, 2025 at 5:00 PM.
PROJECT COMMENCEMENT:
Once grant awards are announced and contracts are finalized and signed by all parties the project may begin execution. Projects may not commence without approval from Main Street Waterloo.
PAYMENT:
Grant funds will be disbursed as reimbursements, or if requested in advance of project completion, can be paid directly to vendors with appropriate documentation.
Reimbursement Payout Option:
Funds for completed work will be reimbursed at the following intervals:
- A partial reimbursement may be requested when at least 50% of the project is complete. To qualify the applicants must submit: photographs showing the completed work to date, paid invoices for expenses, and proof of payment (e.g., canceled checks or receipts). Partial reimbursements cannot exceed 60% of the total grant amount.
- Final reimbursement will be issued upon project completion and final inspection by Main Street Waterloo. Applicants must submit: photographs of the fully completed project, paid invoices for all remaining expenses, and proof of payment.
Early Vendor Payment Option:
Applicants may request early payments be made directly to vendors assisting with the project. To qualify you must submit:
- A written request for the vendor payment option must be submitted with the grant contract before work begins
- Vendor invoices must be $500 or more
- A copy of the signed agreement with the vendor, if applicable
- Vendor invoices must be submitted immediately upon receipt
The terms and conditions detailed above are a broad outline of the Downtown IMPACT Grant and are not intended to be all-inclusive. Terms and conditions are subject to change.