The City of Fort Thomas is seeking applications for its Small Business Rent Subsidy Program to support business growth, and create jobs in their community.
Donor Name: City of Fort Thomas
State: Kentucky
City: Fort Thomas
Type of Grant: Grant
Deadline: 05/24/2022
Size of the Grant: $500
Grant Duration: 12 months
Details:
The Small Businesses Rent Subsidy Program was designed to help new businesses thrive during the first startup year and create a solid foundation in the City of Fort Thomas.
Guidelines
- Rental assistance is offered for a period of 12 months. Subsidy not to exceed $500 in any given month. The maximum subsidy is $6,000. Businesses looking to buy the building can apply for the $6,000 assistance and receive it in one lump sum upon securing the loan.
- The new business must open and occupy a previous vacant property and must sign a minimum 2-year lease to qualify. There cannot be a significant increase in rent from the previous tenant to the current tenant for a space that is not interiorly updated.
- The business owner may be held responsible for repaying subsidy in case of non-payment of rent. Personal guaranty of the business owner(s) is required.
- All businesses must submit a business plan.
- Business must be approved by the Fort Thomas Renaissance Board.
- Applicant must show proof of at least 6 months’ rent in savings.
- The applicant must agree to remain in business and not sell or assign such business to another person or entity for a period of 2 years from the date subsidy is fully funded.
- Payments will be made on a reimbursement basis, with the tenant required to submit documentation of the payment of rent for the period for which assistance is to be provided.
- Applicants are required to provide a draft or executed copy of a lease for the commercial space to be occupied.
- The building to be leased must meet local building codes and ordinances and must be “rent ready” before the subsidy will take effect.
- Approved applicants will be required to enter into a written agreement that sets forth the terms and conditions of the rental subsidy.
- Rent subsidy ceases once the tenant’s rent is submitted 30 days late as reported by the landlord.
Eligibility Criteria
- Any new business opening or moving into the City of Fort Thomas may be eligible for the program.
- The leased space must meet local codes.
- The tenant must sign a minimum 2-year lease.
- Recipients of the Grow Grant will not be given preference/priority at this time.
For more information, visit Small Business Rent Subsidy Program.
