The State of Michigan, the City of Grand Rapids and Downtown Grand Rapids Inc is seeking applications for its Retail Business Incubation Program.
Donor Name: Downtown Grand Rapids
State: Michigan
Type of Grant: Grant
Deadline: Ongoing
Size of the Grant: $60,000
Grant Duration: 18 months
Details:
The GR Forward community planning process revealed considerable demand for creative strategies and partnerships that effectively and measurably increase the diversity, vibrancy, and density of retail selections in Downtown Grand Rapids while strengthening its economy. With these goals in mind, the Retail Business Incubation Program, a geographically targeted grant funded by the Downtown Development Authority, seeks to support retail businesses, with an emphasis on women– and minority-owned local businesses.
Funding Information
The primary use of funds is to provide a 50% rent subsidy, capped at $60,000 total, for 18 months. Payments will be made directly to the property’s owner.
Evaluation Criteria
Downtown Grand Rapids Inc. (DGRI) staff and the GR Forward Economic Development Working Group will review applications and proposals on an ongoing basis. Once an application has been submitted applicants will be expected to present their idea to the Economic Development Working Group as coordinated by DGRI staff.
Applications will be evaluated on the following criteria:
- Alignment with Community Goals defined in GR Forward; preference will be given to:
- Women and minority owned businesses
- Services currently unavailable or underrepresented in the Downtown
- Businesses locating in proximity to Monroe Center
- Relevant Experience/Past Performance
- Presence of an established customer base
- Potential for success and sustainability
- Clear articulation of expected outcomes
Conditions for Awarding Grant Funds:
- Must be working with or willing to work with an economic support organization (new and emerging businesses)
- Must have a signed and executed lease (or have entered into an agreement prior to dispersal of funds)
- Must agree to report back to the Economic Development Working Group halfway through, and at the end of, the life of the Retail Incubation Program.
For more information, visit Downtown Grand Rapids.
