SBA presents award to Cedar Rapids as Small Business Community of the Year

Leaders from the Small Business Administration gathered with Cedar Rapids officials May 17 to formally present the city with the Iowa SBA’s “Small Business Community of the Year” award. The award, first announced May 7, was presented in a ceremony at the NewBo City Market, which has long served as an incubator for new small business entrepreneurs. The award highlights a community’s efforts to support local small business based on the following criteria: 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. Jayne Armstrong, district director for the Iowa SBA, noted that of the 68 SBA district offices nationwide, Iowa is the only district that honors a Small Business Community of the Year. “This award really recognizes a community for their support of small businesses and creating an environment for small businesses, not only to start up and to have all the resources to access, but also to thrive and to grow,” said Ms. Armstrong. Throughout the adversities Cedar Rapids has faced, including the 2008 flood and the 2020 derecho, the Iowa SBA’s disaster recovery division has worked closely with local and state government officials, as well as small business owners, to provide financial assistance. “I feel very strongly that it takes a village to support small businesses,” Ms. Armstrong said. “It's small business entrepreneurs’ dreams and vision and sweat equity that goes into their success. But there's a lot of resources out there to support them and to make sure that they're on the straight and narrow on their way to success.” While Cedar Rapids is home to many Fortune 500 companies, it's also known for a small-business friendly environment, Ms. Armstrong noted, offering several key incentives for small business startups and expansions, including the “Buy Local” purchasing program with preferences for businesses owned by women, minorities, service-disabled veterans and other individuals with disabilities, along with access to multiple microloan programs and revolving loans. Ms. Armstrong also praised the city’s partnerships with economic development groups such as the Cedar Rapids Metro Economic Alliance, the East Central Iowa Council of Governments, NewBoCo, The District: Czech Village and Cedar Rapids, local utilities and higher education institutions for helping to enhance the city’s small business atmosphere. During the COVID-19 pandemic, the Iowa SBA invested over $16 billion throughout Iowa through the Paycheck Protection Program, disaster loans, Shuttered Venue Operator grants and restaurant revitalization funds. Cedar Rapids mayor pro tem Ann Poe accepted the SBA award, a glass sculpture created by a Carroll, Iowa artisan, on behalf of the city, noting that Cedar Rapids leaders have earnestly supported small businesses and their success. “At the city council, we take great pride in our resilience,” Ms. Poe said. “We've gone through the flood of 2008. We had a flood fight in 2016 that also challenged us. And of course, we had the derecho and the pandemic of 2020. Through that entire time, our team continued to work. We got thrown a few curves here and there, but we carried on.” Ms. Poe also alluded to the city’s slogan, “welcome is our language,” indicating that theme applies to the city’s small business support as well. “It's actually pretty appropriate that we're standing here in front of the NewBo City Market,” Ms. Poe said. “The market has several entrepreneurs who would love to be able to move from that position out into the district. And some of them already have.” Other representatives attending the ceremony included economic development staffers from the city of Cedar Rapids, The District executive director Jim Miller, and representatives of state and federal elected officials.