A Small Business Micro-Grant is intended to provide start-up funds for physical changes typically associated with leasing a new space. This grant provides funding directly to new businesses who are renting or leasing space within the TIF Districts. This grant is not intended for property owners; however, owners are strongly encouraged to market this grant as a means of attracting new tenants. The use of funds is flexible in nature and are intended to expedite the opening of a business when there is a demonstrated need for assistance. The grant applicant shall identify specific improvements to be made that will modernize or alter the space to allow for a new use to occur.
Examples of eligible micro-grants include, but are not limited to the following:
New Signage Upgrade or replacement of interior fixtures (i.e. lighting, plumbing, etc.)
Other permanent improvements that will remain with the space
Grants are based upon reimbursement of actual costs following project completion and documentation of expenses.
Grants may fund up to 50% of approved project costs, not-to-exceed $2,500 grant funding.
Written agreement must be executed prior to starting any work related to requested funds.
Projects must be started within 30 days of grant approval and completed within 180 days.
Business owner/applicant is required to commit to operation for a period of not less than one (1) year from project reimbursement. If the owner or business fails to meet this standard a pro-rata reimbursement of grant funds will be required.
Business owner/applicant shall display a Village-provided placard to identify the public-private funding associated with improvements made to the physical space.