Economic Development
To provide loans to local governing bodies that will assist a for-profit business and to provide grants to local governing bodies for infrastructure improvements that will assist a for-profit business.
Funds Available – Approximately $3.5 million
Maximum Grant Amount – $635,000 (loan or grant or loan/grant combination for the creation of a new business), no funding ceiling (loan or loan/grant combination for the expansion of an existing business), $1,035,000 (grant or infrastructure improvements), $500,000 (Maximum amount for the construction of a building).
Funding Criteria –
- Loan – private funds/public funds ratio of 1:1 for manufacturing firms and 2.5:1 for non-manufacturing firms.
- Grant – private funds/public funds ratio must be 1:1 for a grant of less than $500,000 and 2:1 for a grant of $500,000 to $1,000,000.
- Cost per job created or retained cannot exceed $15,000 for a loan or $10,000 for a grant.
- Minimum of ten jobs must be created or retained.
- At least 51% percent of the employment will be made available to persons who at the time of their employment have a family income that is at or below the low/moderate income limit.
- Project must be feasible from management, marketing, financial, and economic standpoints.
