The Downtown Rock Island Partnership has collaborated with Economic Growth Corporation and Bridge Investment Community Development Corporation to create new programs to assist needs of Rock Island businesses to open, grow, and expand.
Collectively, the package is called “SEED Rock Island” and offers three programs to help immediate and emerging needs of small businesses, and in some cases, can complement other loan programs such as the Commercial Industrial Revolving Loan Fund offered by the City of Rock Island and Revolving Loan Funds by Bi-State Regional Commission.
Brian Hollenback, the President of the Economic Growth Corporation stresses the importance of this effort by stating, “SEED Rock Island is bringing new resources to assist small business and help spur local job creation in our home community.”
Rock Start, Rock Island's first and only startup grant funding initiative that makes $500 investments into its early-stage entrepreneurs looking to take a great idea and turn it into action. Rock Start is funded by private dollars through the Development Association of Rock Island.
The R:Incubate program helps start, build and develop your new business in one of two downtown Rock Island incubation spaces dedicated to the retail and wellness sectors. These locations are owned and managed by Economic Growth Corporation and the Development Association of Rock Island. Incubation helps expand your network, allows you to share resources, provides real-time feedback about your business, and receive a lower monthly rent rate.
Is your small business ready to grow? riGrow, the innovative micro-lending program which is funded by Bridge Investment Community Development Corporation, offers short-term, low-interest loans up to $10,000 to local businesses in the 61201 zip code to expand their operations.
Development Association of Rock Island Chairman, Eric Langan mentions, “Small businesses are the engine that make local, regional and national economies go and grow! It's fantastic to have the Rock Island based SEED program available to Rock Island entrepreneurs and it will have a substantial positive impact on not only them, but to Rock Island as well. The programs available via SEED Rock Island will give the help needed to get these small businesses off the ground and to thrive. These resources are not available to everyone, but they are now in Rock Island...and that is a great thing for all involved."
Providing grants, reduced rent and offering loans to small businesses is nothing new. Since the economic downturn over a decade ago, many cities have tried their hands at encouraging entrepreneurship. Erik Reader, Executive Director of the Downtown Rock Island Partnership thinks that this is different. He says, “Of course you can find resources here and there, but nothing is really connecting the dots from one stage to the next, nor do they provide someone who can walk you through to the next step. Our goal is not only to help you get started in Rock Island, but help your business head down the right path to prosperity and growth.”
The SEED Rock Island programs are now open for applications. For more information, please contact the Downtown Rock Island Partnership to get started today.
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