Muscatine Forgivable Loan helping mom and pop operations build a stronger business community

Running a small business isn’t a simple endeavor. 
That’s where a Muscatine Forgivable Loan Program steps in with an option for mom and pop operations.

Every year, the city sets aside $100,000 to make this effort possible since starting in 2015.

This year, three recipients were announced in early February.

They include existing business Bosch Pest Control and two new businesses, Bridgeside Links and a yet to be named bar opening as an extension of Wine Nutz.

The program provides loans of up to $25,000 that the businesses need to at least make a 1:1 match.

Bosch Pest Control Co-Owner Jeff Cochran said, “Being a hometown boy, my thought is always on what can we do to make Muscatine better.”

For Jeff Cochran, better is starting with improving his work home.

Cochran said, “Most of what you’ll notice is the front office stuff. We’re going to redo the office stuff. We’re going to redo the outside of the building.”

That project is getting some help from the City of Muscatine with Bosch Pest Control one of the latest recipients of a Small Business Forgivable Loan of nearly $25,000

For Cochran and business partner LaMar Miller, it will do more than just help update and modernize their business.

Cochran said, “We’ve got two staff that we’ve added to the off. We’re going to add more staff for technicians to come springtime.”

This is an effort by the city with two purposes: infill and redevelopment. It looks to help new small businesses get off the ground or existing ones to take that next step.

The city of Muscatine Planning and Community Development Coordinator Lindsay Whitson said, “Encourage either new businesses or existing businesses to open up shop in the city of Muscatine.”

The program has also helped to grow the business community. 

It focuses on three main sections of the city to keep storefronts filled and maintained, with the green to help make it happen.

Whitson said, “Especially in the downtown area where the city is working on revitalizing. It also helps to create an identity and encourages our community to put into the community.”

“A partnership like this with the city of Muscatine. It’s neat to have those guys so excited about helping us grow and improve our building and improve our company, and for us, it will help us a lot being a little guy. Just that extra money to help,” said Cochran.

It can already be seen in action on the east side of downtown. 

Bridgeside Links owner Luke Meeker said, “Starting any new business is tough, so anything helps.”

Bridgeside Links is just a few months old.

While just a small fraction of what was put in to open the pub with indoor golf simulators and arcade games, owner Luke Meeker said the $25,000 secured goes a long way.

Meeker said, “Helped pay for the hood system a little bit and extra entertainment games. Walk-in cooler, stuff like that.”

For Cochran, what this program shows is how small businesses don’t have to go it alone to succeed.

Cochran said, “They want you to grow and it nice that they’re working with you. It’s kind of a teamwork thing.”

The loan will last for five years, and with every 12 months, 20 percent is forgiven. After the five years, it zeros out the credit.

The city told Local 4 News all the past businesses in the program are still going.

The loan is funded through a public-private partnership. 

Since it started, there has been $287,340 awarded through 17 loans.

The private investment has totaled $1.7 million.

Overall it’s led to more than 110 full and part-time jobs, along with 44 in the construction field. 

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