The Iowa district office of the U.S. Small Business Administration (SBA) has named the City of Cedar Rapids as the winner of the 2024 SBA Iowa Small Business Community of the Year award.
The award is presented in honor of SBA’s annual National Small Business Week celebration. The Iowa district office is the only SBA office in the nation that honors a community for its small business contributions.
The award highlights a community’s efforts to support local small business based on the following criteria, according to a release:
- Key programs and incentives implemented to attract and retain small businesses.
- Leveraging community resources with other federal, state, county, and local programs to benefit the small business community.
- Examples of how the community directly contributed to the success of local small businesses.
In relation to SBA programs and services, Linn County has among the highest SBA loan approvals per county each year, second only to Polk County. Of the 187 SBA loans made in Linn County since 2020, 120 have been to Cedar Rapids small businesses, totaling more than $78.8 million.
In addition, two of SBA’s resource partners, the Small Business Development Centers (SBDC) and SCORE, have a significant presence in the Cedar Rapids area through their counseling and training resources.
“The City of Cedar Rapids is a driving force for economic development in the region,” said Jayne Armstrong, district director of the SBA Iowa District Office. “It has overcome major natural and economic disasters in recent years, only to create a thriving small business environment. Its collaboration with neighboring towns, chambers and other economic development organizations is a model for small business success.”
The SBA has recognized the economic resilience of Cedar Rapids in recovering from major disasters, including the 2008 flood and the 2020 derecho. Local small businesses and non-profit organizations also benefited from SBA’s COVID-19 economic recovery programs, including the Paycheck Protection Program, the COVID Economic Injury Disaster Loans, Restaurant Revitalization Fund, and the Shuttered Venture Operating Grant program.
While Cedar Rapids is home to many Fortune 500 companies, it is also known for its small business-friendly environment. The city offers key incentives for small business start-ups and expansions, including its Buy Local Purchasing Program with preferences for businesses owned by women, minorities, service-disabled veterans, and individuals with disabilities, and access to microloan programs.
Small businesses also benefit from Cedar Rapids’ extensive collaboration with local economic development organizations, including the Cedar Rapids Metro Economic Alliance and East Central Iowa Council of Governments’ Envision East Central Iowa regional economic development strategy, the Entrepreneurial Development Center; the Czech Village/New Bohemia Main Street; NewBoCo and its technology-based accelerator program, the Kirkwood Small Business Development Center (SBDC), the ISU-Cedar Rapids Partnership for Food Manufacturing and Bioprocessing, and local utilities and higher education institutions.
The SBA will present the award to Cedar Rapids on the morning of May 17 as Houby Days begins later that day. The presentation will take place at the NewBo City Market at1100 Third St. SE.
