Economic Recovery Priorities in Cedar Rapids
Iowa's late-spring disaster began with severe storms and an F-5 tornado in Parkersburg on May 25. It continued with unrelenting flooding.
In wake of the natural disaster, BCLC and its National Help Desk for Business staff began monitoring the events in Cedar Rapids. On June 13, Ines Pearce, who manages the help desk, contacted local organizations, including the Cedar Rapids Chamber, the state homeland security and emergency management office, and the Safeguard Iowa Partnership, to address the needs of impacted residents and businesses.
BCLC assisted the Cedar Rapids Chamber in prioritizing the information it sent to its members, explaining the FEMA and SBA loan application processes, and staying abreast of state-level response activities. The chamber's offices, untouched by the flooding, became an area of refuge and resource of up-to-date information for local businesses waiting to re-enter their buildings.
On June 16, BCLC and the International Economic Development Council (IEDC) created a research team to determine economic damage and recovery priorities. Within three days, the team was on the ground in Iowa coordinating with the SBA's new disaster office; touring damaged areas; meeting with chamber, city, state, and federal officials; and gathering business needs.
A presentation on the completed damage and recovery study is available on BCLC's website. The study, along with BCLC's National Help Desk for Business, has been made possible by a generous grant from the Office Depot Foundation.
The Road to Recovery
The local businesses in Cedar Rapids are the cornerstone of the community. In just one day, more than 130 business owners or operators applied for assistance from the chamber's "Jobs and Small Business Recovery Fund" — far exceeding the 30-50 maximum the fund is currently able to support.
For many local businesses, the need is dire, as their last income stream begins to run out and they await disaster assistance funds. In Cedar Rapids alone, more then 600 businesses and 9,000 jobs are impacted.
Before the floods, the Cedar Rapids business community stated that the city's quality of life and cultural activities are major factors in attracting and retaining employees. Unfortunately, many of the cultural institutions were harmed in the flood.
The national business sector has responded generously by mobilizing $53.25 million in assistance. However, more still needs to be done, and BCLC is committed to matching local needs with corporate donors that want to stay involved with the recovery process.
To speak to one of our recovery experts or learn more, contact the National Help Desk for Business at 888-MY-BIZ-HELP or bclchelpdesk@uschamber.com.
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