- New Business Grant
New Business Grant
The New Business Grant (NBG) will be given out to one eligible applicant each year that is selected through the application process. The physical NBG application will consist of:
- A Well-Developed Business Plan to include:
- Proposed startup costs
- Estimated Annual Operational Costs
- Estimated Annual Revenue
- Break-Even Amount
- Long-Term Outlook
- List of Direct Local Competitors
- Proposed business Location in of the two target areas
- Other areas would be considered
- Credit Score Check
- Background Check
- Letters of Recommendation
- One-Third Match
- Applicants are required to provide evidence of the ability to obtain a 1/3 Match ($5,000) in order to apply for and received the NBG
- Applicants providing a larger private match, up to 100%, will receive a higher level of consideration
- Verification of the expenditure of matching funds will be required upon project completion
- Project Details
- If possible, projects will utilize local labor, contractors, etc. ensuring these funds remain in the local economy
- Applicants need to submit cost estimates from a certified contractor to justify request
After receipt of the written applications, three finalists will be chosen by March 1st of each year who will then have the opportunity to present their plan to the selection committee. The selection committee would notify the three finalist of the award recipient by April 1st with the winner announced at the Spring Festival (on or about May 5th). Submission of an application is NOT a guarantee of Funding.
Projects eligible for funding under this grant are restricted to what can reasonably be defined as business startup costs. Applicants are encouraged to include building improvements in their application.
Fees, Terms, and Limits
There will be a $100 application fee for the New Business Grant.
The City’s maximum grant amount given through the NBG will be $15,000.
Detailed grant terms will be tied to performance standards and developed by the City Attorney, City Manager, and laid out in the grant agreement.
Performance Measurement Checklist:
- Maintain Normal Operating Hours
- If the business leaves the City within 5 years the grant must be repaid
- Meet with City Administration Bi-Annually
- At which City Officials will be provided with sales figures on the financial state of the business (Sales figures to remain confidential)
- Create at least one additional full time or 2 part time jobs by year 3 or the City may require repayment of the grant award
- Special consideration will be given to those projects which can reasonably expect to see additional job creation
- Remain up to date on City Business License as well as Hospitality Tax Reporting
- Maintain an active Website, Online Presence which allows for online sales
- Businesses are encouraged to join the Chamber of Commerce and be active participants in the Business Community