What Economic Development Funding Covers (and Excludes)
GrantID: 19099
Grant Funding Amount Low: $10,000
Deadline: Ongoing
Grant Amount High: $10,000,000
Summary
Explore related grant categories to find additional funding opportunities aligned with this program:
Capital Funding grants, Community Development & Services grants, Community/Economic Development grants, Education grants, Employment, Labor & Training Workforce grants, Financial Assistance grants.
Grant Overview
Infrastructure Investment in Local Businesses
This funding supports initiatives that improve the infrastructure necessary for small businesses, primarily targeting rural environments. It covers enhancements to physical storefronts, manufacturing facilities, and other enterprise-related infrastructures that can stimulate revitalization and growth. However, it excludes direct operational costs, such as payroll and inventory, which are not eligible for funding.
A notable example of this funding in action includes a rural Nebraska initiative aimed at revitalizing a small town's economic landscape. Local authorities, seeing numerous vacant storefronts, utilized the grant to provide funds for infrastructure improvements. By targeting renovations that attract new businesses, such as modernized facades and improved utilities, local job creation surged as three new businesses opened within a year.
Another impactful case is found in the Appalachian region, where economic development grants have been utilized to restore abandoned properties into small manufacturing hubs. This transformation not only revived local craftsmanship but also created over 100 new jobs in the area, demonstrating the funding’s effectiveness in stimulating economic activity.
Potential applicants for this funding are small business owners or local development agencies that have a comprehensive plan to enhance their infrastructure and boost local entrepreneurship. However, this grant is not suitable for businesses seeking funds for high-risk investments or operational expenses, such as salaries or marketing initiatives that do not directly relate to physical improvements.
Alignment with local economic development strategies is critical for funding approval. Applicants need to demonstrate how their plans correlate with community growth objectives, such as job creation metrics and increased local investment. Funded projects are expected to foster an ecosystem conducive to entrepreneurial success, ultimately leading to a more vibrant local economy.
Eligible Regions
Interests
Eligible Requirements
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