- Existing Business Grant
Existing Business Grant
The Existing Business Grant (EBG) will be given out to eligible applicants who are selected through the application process. The physical EBG application will consist of:
- A Well-Developed Business Plan to include:
- Annual Operational Costs
- Annual Revenue
- Break-Even Amount
- Long-Term Outlook
- Credit Score Check
- Background Check
- Letters of Recommendation
- 25% Match
- Applicants are required to provide evidence of the ability to obtain a 25% Match in order to receive the EBG
- 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 15th with the winner officially announced at the Spring Festival. 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 needed business improvement or non-routine maintenance costs. Applicants are encouraged to include building improvements in their application.
Fees, Terms, and Limits
There will be a $50 application fee for the Existing Business Grant.
The City’s maximum grant amount given through the EBG will be $10,000.
Detailed grant terms will be tied to performance standards developed by the City Attorney, City Manager, and laid out in the grant agreement.
Performance Measurement Checklist:
- Maintain Normal Operating Hours within the City of Abbeville
- 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)
- Retain all current jobs for 5 years or the City may require repayment of the grant award
- Special consideration will be given to those projects which can reasonably expect to see job creation
- Remain up to date on City Business License as well as Hospitality Tax Reporting
- Businesses are encouraged to join the Chamber of Commerce and be active participants in the Business Community.