The City of Lockport’s Microenterprise Program offers grants to assist Microenterprise (defined as five employees or less) business owners investing in their business in ways that will benefit individuals with low to moderate income levels.
Donor Name: City of Lockport
State: New York
City: Lockport
Type of Grant: Grant
Deadline: 03/10/2023
Size of the Grant: $5,000 to $20,000
Details:
The Greater Lockport Development Corporation (GLDC) will administer the program in order to assist new or expanding small businesses in the City of Lockport in the form of entrepreneurial training and deferred loans to cover costs associated with starting up or expansion.
Funding Information
Grants range from $5,000 to $20,000, but cannot cover more than 75% of eligible expenses (i.e. maximum of $15,000 on a $20,000 project).
Eligible Expenses
Eligible costs may include:
- Equipment purchases
- Furnishings and fixtures
- Inventory purchases
- Working capital
- Employee training expenses
- Professional and financing fees
- Realty and recording fees
- Marketing expenses
- Any other costs determined by the Microenterprise Review Committee to represent Eligible capital or inventory costs.
Eligibility Criteria
- Businesses must have a brick-and-mortar location within the City of Lockport and remain operating for at least a 2-year period. Home-based businesses and not-for profits are not eligible.
- Business must be five total employees or less at the time of the application.
- Recipients must commit to investing at least 25% of the total project cost in the form of cash equity.
- Projects funded through this program must benefit low to moderate income individuals. This means that either the business owner receiving grant funds must be considered low to moderate income, or the project must create at least one (1) full-time job that will be made available to individuals with low to moderate income. Please ask GLDC staff about income requirements.
- Recipient must work with the NCCC Small Business Development Center as agreed upon.
For more information, visit City of Lockport.