The City of Peoria (the City) recognizes the importance of commercial property improvements to improve the appearance, modernization of interiors, and vitality in the City’s commercial corridors.
Donor Name: City of Peoria
State: Illinois
City: Peoria
Type of Grant: Grant
Deadline: 04/05/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
The spring cycle of the Commercial Renovation Grant Program (the Program) provides funding to small business owners for permanent site improvements that do not require City permits on commercial buildings within the city.
Program Goals
- To support and provide assistance to small businesses within the city.
- To create attractive and vibrant commercial corridors that revitalize the city as a regional destination for the community, visitors, and tourists.
- To stimulate and leverage public and private investment within the city through property improvement, business development, business retention, and expansion.
- To enable property improvements and renovations for businesses lacking capital access.
Funding Information
The Program provides awards between $5,000 and $25,000 in assistance for eligible businesses‘ exterior or interior permanent improvements. The minimum total project cost is $5,000.
Eligible Properties
- Property must be located within the boundary of the City of Peoria.
- Property must not have any outstanding code violations.
- Unit must be zoned for and operate as a commercial use.
- For mixed-use properties, funds may only be used for eligible commercial components.
- Only commercial space used for retail services is considered eligible for non-profit entities.
- Unit must have a current or proposed commercial use. If vacant, applicant must submit an executed lease or purchase contract.
- All properties must have current commercial insurance for the proposed property.
Eligible Applicants
- A small business is defined as a commercial enterprise that is independently owned, operated, and controlled, having 50 or fewer full-time equivalent employees (under 2,000 payroll hours per week) at the time of application.
- The business entity must be one of the following:
- A sales tax revenue-generating business.
- Service business that has a main entrance facing a public pedestrian walkway.
- Not-for-profit seeking funds for commercial retail-related projects.
- Business revenues must be under $1.5 million ($1,500,000) after the Cost of Goods Sold.
- Applicant(s) must be the end user of the commercial space. Building owners are eligible to apply if funds are proposed for an existing tenant’s unit.
- Payment of all property taxes and/or assessments, general and special, must be current.
- Neither the owner of record, the tenant, nor any of their principals may be in default of any obligations to the City, including, but not limited to, fines, ordinance violations, debts, or otherwise (including personal property taxes and fees owed to the city).
- The Applicant’s business structure must be a Limited Liability Company (LLC) or Incorporated (Inc.) to receive funds. Sole proprietorships and partnerships are not eligible.
- Applicant business must be in good standing with the Illinois Secretary of State.
- The applicant must be able to commit to remaining in the location and maintain improvements for at least two (2) years.
- Applicants who have not received previous grant funds will be given priority consideration.
For more information, visit City of Peoria.
