IOWA CITY The city of Iowa City helped 27 small businesses a majority of them owned by women or people of color stay afloat during the pandemic.
The city awarded the businesses $360,000 in federal Community Development Block Grant dollars allocated through the CARES Act, money made available by Congress to alleviate the pandemic’s effects, according to a news release.
The businesses 22 of them owned by women or persons of color were required to be in business as of Jan. 1, 2020, have $1 million or less in annual gross revenue and 25 or fewer employees.
In allocating the funds, the city prioritized the financial impact of COVID-19; how much federal, state or local funding had been awarded to date; and if the business qualified as a Minority of Women Business Enterprise.