Sunday, August 4, 2019

Superior considers small-business grant program - Duluth News Tribune

Superior considers small-business grant program - Duluth News Tribune


Superior considers small-business grant program - Duluth News Tribune

Posted: 15 Jul 2019 12:00 AM PDT

The city of Superior is considering a new grant program to help fund small businesses, according to a news release from the city.

The funding would address costs associated with running and expanding local businesses, as well as those related to starting new businesses in the community. Qualifying businesses could be awarded 15% of their project costs, with funding possible up to $50,000, according to the news release.

The grant is awarded on a first-come, first-served basis until the funding for the year runs out. Those that apply must include construction plans, contractor information, project timeline, a budget and proof of financing in their application, according to a draft description of the program.

Businesses are required to contribute 10% of a project's cost from their own equity, and work must be completed by a local contractor.

Qualifying projects include the property acquisition, building and energy efficient improvements, purchasing commercial kitchen equipment, furnishing businesses, among other things, according to the program's draft description.

Funds from the city's Economic Development Fund would support the grant program.

"Though this program is still in its infancy, we are eager to provide assistance to all our local small businesses in every commercial district and hopefully attract more wonderful businesses to Superior," the news release read.

The Superior City Council will give the final say, likely in August or September, on the program after the Planning Commission reviews the program's application Wednesday.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.