FAYETTE, IA (January 18, 2010) – Upper Iowa University is accepting applications for its Upper Iowa Business Development (UIBD) grant until March 1. This year’s UIBD grant will make available a total incentive package of up to $100,000 for an entrepreneur interested in starting-up, managing, and operating a restaurant and sports lounge in Fayette.
The two-story restaurant and sports lounge will be housed in a newly constructed, University-owned property on Fayette’s Main Street. In addition to a $40,000 cash award from the UIBD grant, the successful applicant will also be eligible for financial assistance in the form of rent abatement.
“University faculty, staff and students have identified a greater variety of dining and entertainment establishments as a critical need in Fayette,” said Andrew Wenthe, vice president for external affairs. “As a result, we decided to add a few incentives to specifically solicit proposals from entrepreneurs committed to establishing a destination restaurant and sports lounge in the community.”
The new two-story building is approx. 7,900-square-feet. Half of the first floor will be taken up by Upper Iowa’s merchandise retail store and a coffee shop. The plan is to have the other 4,500 to 6,000 square feet be the restaurant/sports lounge.
Upper Iowa is in the midst of a sustained growth period. Enrollment at the Fayette campus is up 40 percent over five years, and an enrollment goal of 1,100 has been set for fall of 2010. The University recently embarked on a $75 million construction plan on the Fayette campus, with the first phase started in summer 2009 that includes construction of a new Student Center, Liberal Arts building, suite-style Student Residence Hall, and the University-owned downtown facility.
Construction projects scheduled to continue over the next four to six years include a technology center, science building, and additional student housing. Wenthe stated, “It is the ideal time for an ambitious and dedicated entrepreneur to start a business in Fayette.”
Applicants should also include in their business plan proposals that demonstrate how their establishment will become a destination spot for the approximately 32,000 residents living within a 20-mile radius of Fayette. For a complete list of requirements or questions, please contact Wenthe at 563-425-5348 or firstname.lastname@example.org. Download the RFP.
Entrepreneurs interested in submitting a UIBD grant application for a non-restaurant business idea are still encouraged to contact Wenthe.
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