The Burlington Downtown Corporation (BDC) is accepting applications for its Business Up-Fit Grant Program to support and encourage business improvements.
Donor Name: Burlington Downtown Corporation (BDC)
State: North Carolina
City: Burlington
Deadline: 10/01/2022
Type of Grant: Grant
Grant Size: $5,000 – $15,000
Details:
This grant program is structured as a deferred loan for business up-fit to help ease start-up costs. For businesses that stay three years, the loan becomes an interest free grant. For businesses that leave before the three years a pro-rated loan amount must be repaid. The loan proceeds can be used for business up-fit including refrigerators, coolers, point of sale equipment, and other business property that is removable from the space.
Funding Source and Availability
- The grants in this funding cycle are matching grants that require a 50% match by the applicant and are structured as deferred loans.
- If the improvements stay in place for a period of three years the interest-free loan becomes a grant.
- If the business or property closes or changes hands, the appropriately pro-rated portion of the loans becomes due to the BDC.
- Grant funding is awarded as a reimbursement for approved project work with invoices marked “PAID” provided to the BDC.
- Available grant funds for individual projects are determined using a formula based on $3.00 per sq. foot for retail/office and $5.00 per square foot for restaurants.
- Restaurants and food-related retailers that require specialized equipment may be eligible for up to an additional $10,000.
- New businesses in operation for less than one year will be eligible, as will existing businesses that are significantly expanding or changing their business model. The three-year period starts from the date the grant is made.
Eligibility Criteria
Downtown Property and/or Business Owners located within the boundaries of the downtown Municipal Service District are eligible to apply for the BDC Small Grants Program.
For more information, visit Burlington Downtown Corporation.