The City of Olean is committed $200,000 of the funds allocated to the City through the American Rescue Plan Act of 2021 to establish the Boost Business Grant Program (BBGP). The BBGP consisted of two funds, each funded with $100,000 to assist small businesses in the City of Olean in two areas: real estate and marketing.
Donor Name: City of Olean
State: New York
City: Olean
Type of Grant: Grant
Deadline: 10/14/2022
Size of the Grant: $5,000
Grant Duration: 2 years
Details:
Objective
The primary objectives of the Program are to assist in the establishment and expansion of business activity within the City of Olean, create employment opportunities for City residents, and preserve, create and expand area businesses while stabilizing the City’s tax base.
Funding Information
Minimum Award: $500, Maximum Award: $5,000 up to a 2 year period. Project must begin within 3 months of award.
Eligibility Criteria
- Eligible Program Participants must be an existing or to-be-formed small business, which is defined as a commercial enterprise having 20 or fewer employees, one or more of whom own the business. Business status with respect to ownership and thenumber of employees is determined at the time of the Program application. The form of the business may be a sole proprietorship, partnership, corporation, LLC, LLP, cooperative, or any other legal form of business. Not-for-profit corporations or similar nonprofit entities are eligible to participate in the Marketing Assistance Program, NOT the Real Estate Assistance Program. Professional, legal and medical offices are not eligible participants under either program.
- The assisted business must be located in the target areas as follows: Real Estate Assistance: 600 block of North Union Street – 600 block of South Union Street; 100block of West state Street to 12th Street and 100 block of Wayne Street to 12th Street: Marketing: Citywide.
Eligible Activities
- The principal business activity to be assisted with Program funding must be located within the City of Olean and in the target areas defined above.
- Program assistance may be provided for any business activity that meets the Program.
Eligible Uses of Program Funds
- Program grants for the Real Estate Assistance Program may be used to offset 25% of the business’ monthly real estate payment whether it be in the form of rent, mortgage or a land contract. The business will be responsible for pay the other 75% of the monthly cost on their own. The business shall pay the entire cost up front and show paper proof of payment (cancelled check, proof of wire transfer, detailed receipt, etc.) to the City prior to the 25% reimbursement taking place.
- Program grants for the Marketing Program may be used to fund:
- Professional consulting services;
- Branding including logo design;
- Point of sale merchandising signage;
- Signage-building and yard signs;
- Social Media advertisement;
- Print and TV advertisement;
- Website building & updating;
- E-commerce;
- Software expenses for technology related to marketing;
- Printing for brochures, flyers, business cards;
- Handouts for trade shows & public markets;
- Development of a brand book;
- Search engine optimization; and
- Other (as deemed appropriate by BBGPC)
For more information, visit City of Olean.
