TIF Incentive: Small Business Micro-Grant
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.)
- Remodeling or modernization expenses (counter tops, doors, interior trim, ceiling tiles, 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.
- Prospective applicants are required to schedule a pre-application meeting to discuss their project prior to submittal.
- The formal application process begins with submittal of an application form, associated drawings, project schedule, project bid/proposal results or other required documentation.
- Applications will be evaluated by a review committee and selection shall be at the sole discretion of the Village of Roselle.
- All grant applications are subject to the availability of budgeted funds.
- Final approval will be in the form of a grant agreement approved by the Village Administrator.
- This grant is limited to new businesses that have not received prior development assistance.