Challenge Grant

Main Street Washington – Open 4 Business | Catalyst Grant | CAT | Housing Grants

The Iowa Economic Development Authority (IEDA) and Main Street Iowa annually award Challenge Grants which benefit local improvement projects, including upper story renovations, movie theater restoration and expansions, restaurant start-ups and improvements, critical building stabilization, and façade restoration and upgrades.

The Challenge grants have proven to be catalysts for the revitalization of main streets and these projects demonstrate the ongoing commitment the people of our state have to keeping our downtowns vibrant, which helps attract new visitors, residents and businesses. Washington has been fortunate to have received six Challenge Grants since 2008 including Northside Diner, Koller+, Bodywrx, the Triune Building, the Night Suites at Cafe Dodici, and the Frontier Family Restaurant

Each project must provide at least a dollar-for-dollar cash match up to a $100,000 grant and in total projects annually leverage more than nine times the state’s investment into bricks-and-mortar rehabilitation that will have a significant economic impact within each district.

The Challenge Grant program is funded through an appropriation from the Iowa Legislature. Since the first appropriation in 2002, approximately $9.6 million in state and federal funds have leveraged more than $57 million in private investment. Over the life of the program, 165 projects in 53 Main Street Iowa commercial districts across the state have received funding.

For more information about the Challenge Grants, please contact Samantha (contact info below).

Open 4 Business Contest is an opportunity for businesses (located in a designated Main Street Iowa community’s commercial district) to compete for a chance to win up to $25,000 in grant funds. These funds assist with a business development or expansion project that will help them grow their business. Each local Main Street program can submit ONE business to the competition.

Main Street Iowa offers the Open 4 Business program to encourage business development in designated Main Street Iowa districts around the state!

Each spring Main Street Washington will accept applications for interested entrepreneurs who are looking to expand and grow their business ideas within the Main Street Waterloo district. The Open 4 Business contest, launched in 2015, is an opportunity for businesses located within the Main Street district, to compete for a chance to win grant funds to assist with a business development or expansion project that will help you grow your business.

Businesses will be required to complete an online application and submit a short video (3-minute maximum time limit) outlining your business idea and how it will benefit the local economic climate in our community. A 25% cash match is required. Businesses must have been in operation for at least 1 year to apply. The grant funds are administered by the Iowa Economic Development Authority’s Downtown Resource Center and Main Street Iowa program.

Main Street Washington will select one local business applicant to submit to represent MSW at the state competition. If you are interested in applying for this opportunity, please complete the application below. If your project is selected Main Street Washington will work with you over the next month to complete the grant application and film the 3 minute video.

ELIGIBLE EXPENSES Inventory Equipment Marketing Computers Software Upgrades

INELIGIBLE EXPENSES Rent Utilities Remodeling Payroll for Employees Vehicles

The Community Attraction and Tourism (CAT) program provides grant funds to assist projects that provide recreational, cultural, entertainment and educational attractions. The funds help communities create transformational projects that enhance the vitality of a region and the state overall. The CAT Grant Program is designed to assist communities in the development and creation of multiple-purpose attractions and tourism facilities. Funds must be primarily used for vertical infrastructure (land acquisition and construction, major renovation and major repair of buildings and recreational trails.)

Eligible applicants must demonstrate broad local support with financial investments by the City, County, and private funders.

Downtown Housing Grant The Downtown Housing Grant provided financial assistance for projects that support local downtown revitalization through new and renovated housing opportunities in communities under 30,000. Downtown Housing federally funded awards were granted to 59 projects totaling $19,451,486 that activated $97,505,342.41 in total investment. Learn more

Workforce Housing Tax Credit This program provides tax benefits to developers to provide housing in Iowa communities, focusing especially on those projects using abandoned, empty or dilapidated properties. Learn more