The Cedar Rapids Small Business Recovery Group (CRSBRG) was organized by three owners of local flood affected small businesses in the wake of the June 2008 floods. The goal was to encourage the immediate provision of assistance to flood affected small businesses. Since its founding in June 2008, membership has grown steadily due to increasing concerns about delays and inaction in the delivery of that assistance.
Our group is committed to one simple mission: ensuring that flood-impacted small businesses (including landlords) in the Cedar Rapids, Iowa area remain a major economic engine within the corridor.
Small business is equally important, perhaps even more significantly, to the eastern Iowa economy. As a result of the flood, the small businesses in Cedar Rapids have sustained damages of nearly $1.5 billion. Over 60 businesses have closed their doors forever due to the flood, costing Cedar Rapids over 1200 jobs. There are 152 small businesses which have not been found yet to determine whether they will be re-opening or not.
The U.S. Department of Labor statistics predict that the real economic damage is yet to be realized. Their statistics predict this for Cedar Rapids:
- 320 business will fail in the first year
- 120 more will fail in the next 18-24 months after that
- 7500 or more jobs will be lost
- $150 million or more in annual wages will be lost
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