EDA Meeting Date: September 29, 2025
To: Members of the Economic Development Authority
From: Nate Carlson, Economic Development Coordinator
Title
Review of Micro-Grant Application for Verbena Vinyl, LLC.
Body
Action Requested:
The EDA board shall review the Micro-Grant Application and make a motion of approval per the EDA Loan Committee's recommendation.
Summary Report:
Verbena Vinyl is requesting a $5,000 Micro-Grant from the Clement Shearer EDA Micro-Grant Program. The owner, Vicki Scott, has provided an application for the funds, which can be found attached to this report. This application was provided to staff on August 9. Staff have reviewed the Micro-Grant application thoroughly.
Verbena Vinyl has been in operation since October 2023. The business specializes in retail sales of records and other vintage materials.
Currently, Vicki is in-process of a business expansion involving a new equipment purchase to diversify product offerings.
The business is seeking assistance from the EDA for the equipment costs related to the expansion project. The applicant will be contributing $7,000 to the project.
Total Project: $12,000
The EDA Loan Sub-Committee met on September 10, 2025, and the committee provided a recommendation of approval for the Verbena Vinyl, LLC Micro-Grant.
The EDA Loan Sub-Committee also recommended that the EDA fund the micro-grant program for the remainder of the year using unrestricted reserve funds from the EDA 292 Fund in the event that there are additional requests.
Alternative Options:
The EDA board may make a motion to deny the Micro-Grant application.
Financial Impacts:
The EDA has $15,000 for Micro-Grants in the 2025 EDA budget. Two micro-grants have been approved in 2025. Available budgeted funds are $5,000 for the micro-grant program. Any additional requests for the micro-grant program can be funded using unrestricted reserves.
Tentative Timelines:
The applicants project is in-process and will be completed be...
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