DATE: September 27, 2018
TO: Members of the Economic Development Authority
FROM: Nate Carlson, Economic Development Coordinator
Title
EDA Board Approval of Micro-Grant Criteria
Body
SUMMARY AND ACTION REQUESTED:
The EDA Board shall make a motion to approve the revised criteria for the Clem-Shearer Micro-Grant program attached to this report.
BACKGROUND:
The EDA Board reviewed the EDA Loan Committee suggested revisions at the August 23 Regular EDA Board meeting. The Board directed staff to make minor changes to the recommended revisions. Staff did make an additional revision under the “Grant Amounts” sub-section that better defines business eligibility. The committee has reviewed this new language and approved the Staff addition. The new language states:
“Businesses that retain similar ownership and similar business model but have changed names will not be considered a separate business, and therefore are ineligible for funding beyond the $5,000 limit.”
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
RECOMMENDATION:
Staff recommends the EDA Board make a motion to approve the revised Micro-Grant criteria.