The Iowa Rural Development Council (IRDC) has selected four pilot communities to participate in its new Rural Business Initiative, which was created with a $200,000 grant from Wells Fargo.
The rural communities are located within 30 miles of a Wells Fargo branch. Each proposed a plan to support existing small business, enhance entrepreneurship and expand the economic vitality of their area.
The pilot communities are:
City of Minden
The city of Minden is launching a “Forward With Strength” effort targeting its central business district after the town was hit by two tornadoes this spring that destroyed 40% of the community. According to a news release, the district, known as the Minden Triangle, was “vibrant” before the tornadoes, but many businesses have not been able to operate since.
Pathfinders Resource Conservation and Development Region
Pathfinders RC&D is a nonprofit serving five core counties in southeast Iowa, with additional services reaching more than 20 counties in the region. Through the Leveraging Access for Underserved Networks and Capital for Hope (LAUNCH) program, Pathfinders aims to help small businesses in 21 rural communities across the five core counties, the news release said. LAUNCH seeks to bridge the gap in economic development resources between smaller towns and larger cities like Ottumwa by promoting regional collaboration and providing customized support to strengthen the small-business environment and boost job creation and revenue.
Perry Chamber of Commerce
The city of Perry seeks to revive a pandemic-era business grant program for small businesses in need of capital for products, services, marketing or improvements, as well as providing connections to resources for skill building and networking. Community leaders hope to address small-business challenges that existed before the closure of the town’s Tyson pork packing plant.
West Branch Main Street
West Branch will focus on its existing effort, the Rising Tide Initiative, aimed at helping the town’s 47 small businesses by enhancing street appeal, updating signage, renovating facades, increasing accessibility and optimizing inventory. According to the release, the businesses face several challenges with the eastbound exit to Interstate 80 being closed for construction, the westbound exit set to close next year and the Herbert Hoover Presidential Library and Museum planned to close soon for renovation. The interstate closures affect access for 25,000 vehicles daily.
The IRDC will work with these communities and partners from local Wells Fargo bank branches, the Iowa Small Business Development Centers and the Iowa Center for Economic Success to develop strategies for training, capacity building and funding.