Jumpstart Owatonna – Resource Page

Jumpstart Owatonna – Small Business Support Fund

The COVID-19 crisis has created an economic storm in the ocean that is equal in its force, and we might
find all of Owatonna in that storm, but we are among different boats.  From skiffs to ocean liners.  Sadly, some of these boats have had to remove their motors and toss them into the water. How can the Owatonna community help get these motors back on the boat and economically running?

Background Description

We know that the Coronavirus pandemic has had a negative effect on local small businesses and sole proprietors, impacting their continuity of services and/or operations. There is a profound need for support to help these companies weather the economic storm.

Resilience & preparedness will be key for a reset, a new normal.  Support is needed now more than ever, recognizing the Coronavirus pandemic and its impact will continue to evolve.  Anticipated needs include:

• Transition Support & Guidance
  • How to alter storefronts and internal operations to accommodate resumption of business
• Facility Remediation
  • To conduct modified cleaning practices of internal surface operations for protection of employees, customers/visitors
  • Updated physical space due to new restrictions
• Marketing and Promotion – incentive to customers to patronize business (e.g. communication regarding status of operations, implemented protective measures, how customers will be protected when visiting business)

To not address the needs, we will slow Owatonna’s recovery which will push some small businesses to permanent closure and employee job loss.

Recommended Solution

The Owatonna Area Chamber of Commerce & Tourism will assume a key leadership role to organize a diverse group of stakeholder community members. This group will help:

• Develop a plan to jumpstart and reset small business in Owatonna – to help local establishments sustain the impact from decreased business and cash flow caused by the shutdown of our economy.
• Create and implement a small business “support campaign” – this includes fundraising and disbursement of donated monies to help stabilize small business owners facing significant financial challenges in this economy.
• The selected campaign will formally be referenced: Jumpstart Owatonna – Working Together for OUR Small Businesses.

A small business support fund represents an added resource. Its formation and advocacy will:

• Help bridge the gap for small businesses facing economic hardships as a result of the pandemic.
• Foster the establishment of a “new normal” environment – in order to attract consumers/visitors and to engage this group with local business services.
• Assist small businesses in applying, understand and developing their template for reopening according to federal, state and local guidelines.
• Provide for civic participation – offers the community a chance to pitch in and help its neighbors in a meaningful and immediate way.
• Create collective enthusiasm to galvanize citizens to come together with a common goal.

Assumptions

• The Chamber Foundation will act as the fiscal agent for the fund and will manage all contributions
• It is recognized that the community will continue to learn and plan for the evolving impact.
• A Grant Review committee comprised of public and private sectors will review all applications and make decision regarding dispersal of raised funding. This group may be separate from the campaign planning and fundraising team.
• Eligibility criteria will need to be established to determine who will receive funding.
• Support Fund will disburse grants as long as the contributions will allow.
• Contributions will be tax-deductible.
• Financial resources will be coordinated and applied where they would bring the best results.
  • Funding could be paired with other available COVID resources.
• Due to changing nature of the pandemic, available funding may shift over time.

Reasons for Recommendation

COVID-19 and social distancing measures have created many challenges for our small businesses and sole proprietors.  They are a highly important part of our local economy.  We are faced with the challenge of ensuring a viable future for them, for our community.  Helping them through these difficult times and returning them to an acceptable profitability level, as quickly as possible, is a priority.  Owatonna is a community filled with generosity and support – a designated support fund demonstrates that we are all in this together and strengthens our future.

Eligibility Requirements

Grant applicants must be authorized representatives of a for-profit, small business defined as an enterprise between 20 employees or less, with principal place of business in the City of Owatonna.

Grant applicants must have demonstrated negative financial impact from COVID-19.

Business must be open or intend to reopen after restrictions are lifted.

Grant applicants DO NOT have to be a member of the Owatonna Area Chamber of Commerce to apply, but are encouraged to read over application criteria on the grant application form. We encourage ALL qualified business to apply, and in order to process requests in a timely manner, all information must be as accurate as possible.