The Economic Development Authority (EDA) has piloted a micro grant program that is intended to provide micro infusions of cash into the local businesses to be used for a variety of purposes that help businesses thrive and grow.
Donor Name: City of Farmington
State: Minnesota
City: Farmington
Type of Grant: Grant
Deadline: Ongoing
Size of the Grant: $2,500
Details:
Business growth is a priority of the City Council and the Farmington Economic Development Authority. To support small businesses, enhance the footprint of Farmington businesses, and meet businesses where they are at – the city is building out an economic development tool kit that will encourage business growth and investment. The goal is to support innovative ideas and necessary projects that can help our small businesses contribute and enhance the Farmington economic base.
Any type of business is eligible, provided that the business is located within the city and meets all zoning and code requirements. This grant is meant to meet business where they are at, fund bold projects and ideas and contribute to overall business success in Farmington.
Funding Information
The EDA recognizes the need for small businesses to have access to funding to make improvements and implement business ideas. $25,000 of the 2023 annual operating budget has been dedicated to fund the Micro Grant Program. The program will contribute up to a maximum of 50% of eligible project costs. Grants will not exceed $2,500 per business. Only one grant approval is allowed per year per business.
Eligible Improvements
- Funds may be used for a variety of purposes and the micro grant program has been designed to meet businesses where they are at, allowing the businesses to determine what they need to be successful. Applicants will outline how the project provides value to their business, expected outcomes, and how they intend to utilize the matching grant funding.
- Funds may be used for, but are not limited to:
- Point of sale system – new or upgrade
- Website – new build out or upgrade/enhancement of current site
- Social media consultation for business
- Signage
- Relocation of business currently located in Farmington to another location within the municipal boundaries (not to a non-Farmington location)
- Building improvements and repairs (with building owner consent)
- Funds may be used for, but are not limited to:
- Be creative and bold! The flexibility built into the program is meant to encourage business owners to present projects for funding that would be an asset to your business.
Eligible Businesses
- Businesses located within the municipal boundaries of the City of Farmington are eligible.
- Businesses must be able to demonstrate that they are working with or have worked with a business coaching agency within the previous twelve (12) months and are ready to advance their business project or idea forward. The City of Farmington works very closely with MDDC/Open to Businesses and encourages all small businesses to utilize their small business services. Examples of other business coaching agencies include SBA and the Small Business Development Center.
Ineligibility
- Ineligible Businesses
- Non-profit organizations
- Gambling organizations
- Lending or investment businesses
- Land and property held for sale or investment
- Ineligible Expenses
- Management fees
- Financing costs
- Franchise fees
- Debt consolidation
- Costs to the applicant prior to EDA acceptance and grant agreement execution.
For more information, visit City of Farmington.
