DATE: August 23, 2018
TO: Members of the Economic Development Authority
FROM: Nate Carlson, Economic Development Coordinator
Chris Heineman, Community Planning & Development Director
Title
EDA Board Review of Micro-Grant Criteria
Body
SUMMARY AND ACTION REQUESTED:
The EDA Board is requested to review the initial committee draft of revisions for the Micro-Grant program and provide staff with direction to proceed with additional revisions.
BACKGROUND:
The EDA Loan Committee met briefly on Wednesday, July 18 to discuss presenting an initial committee draft for improving the criteria of the EDA’s Clem Shearer Micro-Grant program to the EDA Board. The minutes of that meeting are attached. The criteria have not been reviewed since May of 2014 by the EDA. The Committee reviewed previous forms of the Micro-Grant guidelines and provided staff with key areas of improvement. The areas of concern brought up by committee members are as follows:
• Clarifying what documents are required for application submission
• Potentially allowing for additional grant opportunities with a maximum of $5,000 received by a business from the EDA
• Detailing EDA priorities as they relate to the Strategic Plan
• Clarifying the process of application review
The EDA Loan Committee has deliberated and arrived at this first committee draft of revisions for the EDA Micro-Grant Program Criteria.
RECOMMENDATION:
Staff recommends that the EDA Board review the initial committee draft document and provide staff with input and a timeframe of when the Board would want to approve new criteria.