North Iowa Reporter

To help out with the economic impact of COVID-19, some small businesses in Cerro Gordo County qualified to receive $5,000 to help them get through the crisis.

The Globe Gazette highlighted a series of Bureau of Labor statistics, which state that under normal circumstances, 80% of all small businesses make it through their first year. 

However, the statistics conclude that only 70% of small businesses make it through their second year. By the fifth year, only 50% are still in operation. Moreover, 30% of all small businesses make it to their 10th anniversary. 

Shea Coleman, who is a Clear Lake businessman, opened up a new gym earlier this year. However, the COVID-19 crisis made him fearful that his gym wouldn't make it through the pandemic. According to Coleman, his revenue loss has reached over $10,000. 

Shea Coleman's gym was one of more than 100 Cerro Gordo County businesses to receive money through the local Small Business Recovery & Continuity Fund. The fund is overseen by the North Iowa Corridor Economic Development Corporation.

Coleman told the Globe Gazette that the money was a lifesaver for his business. 

"Without that, we were in a world of hurt," he said. 

Coleman said the money won't pay all the bills but it covers the essentials. Coleman said he received $5,000 that he put toward rent, utilities, software programs and payroll.