Introduction. Upper Iowa University (UIU) a private, not-for profit institution of higher education located in Fayette, Iowa, is seeking applicants for the 2013 Upper Iowa Business Development (UIBD) grant. A successful applicant will be eligible for a grant to start a new business, relocate a current business, or expand an existing business. The grant is limited to businesses that will be or that are currently located within the city limits of Fayette.
UIU has long been an economic engine for the City of Fayette; and one of nine strategic initiatives of the University is enhancing the greater community and fostering regional economic development. UIU serves as a central resource to help grow the economy in northeast Iowa. The UIBD grant is intended to augment the Fayette economy by supporting local business growth and/or development, as well as to provide additional resources for students, faculty and staff of the UIU main campus in Fayette. The grant was made possible through a generous donation by UIU Board of Trustees members Bob and Betty Firth, longtime benefactors of the University.
The University has been growing steadily for several years, seeing University-wide enrolment stability and growth in some areas. The UIU capital improvement program has seen the addition of six facilities on campus – Harms-Eischeid Stadium, Student Center, Liberal Arts Building, and 3 residence halls that comprise South Village. In addition, the UIBD grant has supported the construction and launch of four new businesses in downtown Fayette. These businesses have created 30 jobs and generated more than $1.3 million in new retail sales. UIU has nearly 1,000 students on campus, and more than 200 faculty and staff. About 32,000 people live within a 20-mile radius of Fayette.
The Opportunity. UIU will award one cash grant (amount to be determined) to the successful applicant in 2013. To be selected for the UIBD grant, applicants must demonstrate a sound business plan, growth potential, and sustainability. UIU will work with the applicant to determine if additional funding opportunities are available.
An extremely important element of the successful proposal is to excite the UIU community. Applicants are encouraged to visit Fayette and talk to faculty, staff, students and others to learn what stakeholders would like to see in Fayette.
Requirements. UIBD applicants will be evaluated on criteria ranging from the expected impact on the community in terms of creation of jobs and local tax revenue, the e-commerce opportunities present in the applicant's business plan, and whether or not the business will provide a measurable benefit or amenity to the community. Local economic development officials will serve as a resource to help applicants develop their business plan.
All applications must include:
- Business Plan
- Description of business
- Market analysis
- Organization and management
- Marketing and sales strategies
- Operating procedures
- Service/product line
- Analysis of strengths, weaknesses, opportunities, threats (SWOT)
- Statement re: future internships opportunities for UIU students
- Loan applications
- Capital equipment
- Balance sheet
- Break-even analysis
- Income projections (profit & loss statement)
- Three-year summary
- First-year detail by month
- Second- and third-year detail by quarter
- Assumptions on which projections are based
- Pro forma cash flow
- Documented evidence of ability to successfully finance business
- Personal resume and/or portfolio
- Verifiable business management experience
- Three non-relative business references
- Applicant's credit report
- Criminal background check (applications must not have a felony conviction)
Selection. The winning proposal is determined solely on the judgment of Upper Iowa University. However, applicants will be evaluated on the strength of the business plan, financial standing, creativity of the proposal, and business management experience.
Deadline. Applications for the next UIBD grant will be opened in 2013.
Contact. The application, and more information about the UIBD grant and the e-Center, is available at www.uiu.edu/economicdevelopment. Questions can be directed to Andrew Wenthe, UIU vice president for external affairs, at firstname.lastname@example.org or 563-425-5348.