Main Street Waterloo is excited to announce the 2024 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 in part from the Main Street Waterloo Golf Tournament.
Due to the golf tournament being rained out, funds are still being raised for the grant. Currently, the maximum amount of funds funds is $5,000 to be awarded to eligible applicant(s) for business projects 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 projects must have a commercial space within the designated Main Street Waterloo district. Must have been in business for at least 1 year.
GRANT AMOUNTS:
Maximum awards for this grant will be $5,000. Minimum grants will be no less than $1,500 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 5, 2024 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 25, 2024 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 13, 2024.
AWARD ANNOUNCEMENT:
The announcement of project awards will be announced no later than December 13, 2024 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:
Funds for completed work will be disbursed at the following intervals. A partial reimbursement payment may be made, if so requested, when no less than one-half (1/2) of the project is completed and proper documentation including photographs of completed work to date, copies of invoices of expenditures marked paid, and proof of payment are submitted to Main Street Waterloo. Partial payment cannot exceed 60% of the entire grant amount.
Final payment will be made upon project completion including final inspection by Main Street Waterloo. To request final reimbursement payment, applicants must submit invoices of expenditures marked paid, proof of payment and photographs of the completed project.
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.