Abbeville’s Small Business Grant Program: Catalysts for Change
Abbeville is gearing up for another round of its small business grant program, expected to bring impressive changes to the local business landscape once again. This initiative, which has already supported a variety of local enterprises, is now accepting applications from September 2 to October 2, 2024, as per the city’s website.
“The number of applications has remained steady, usually receiving five to ten each year,” noted Mike Clary, the city’s deputy administrative officer.
Grant Details and Application Process
The grants, capped at a maximum of $10,000 per applicant, serve as a valuable resource for eligible businesses. These businesses must have 15 or fewer full-time employees and be located within city limits. They are also required to be for-profit enterprises to qualify for this funding opportunity.
Previously, city officials were involved in the review process, but this year marks a significant change. “Applications will now be reviewed by a third-party agency to avoid any conflict of interest,” Clary explained.
Documentation and Prioritization
Participants should be prepared to present comprehensive documentation. Required submissions include:
- A detailed business plan
- Personal tax statements for all business principals over the past three years
- Federal business tax returns for the past three years (if the business is already operational)
The priority for grant awards will be based on need, with an emphasis on projects that have the largest economic benefit for the city, including job creation, refurbishing dilapidated buildings, and projects demonstrating higher private to public dollar ratios. Projects using local labor and contractors are particularly encouraged to ensure funds strengthen the local economy.
Financial Requirements and Match Criteria
Grantees must show their ability to finance the project upfront, through either a third-party lender or their own capital, as the program operates on a reimbursement basis. There is also a 25% match requirement for the grants.
Additional criteria focus on ensuring that applicants who contribute a larger portion of their own funds score higher in the selection criteria. It’s crucial that the businesses not be owned or run by city employees or their direct relatives to maintain impartiality and fairness in the selection process.
Success Stories and Previous Achievements
Since its initiation in 2019, Abbeville’s small business grant program has aided 21 businesses, injecting over $230,000 into the local business community. Beneficiaries include various enterprises such as Crate and Quill LLC, Commercial Printing & Graphics, Red Gate Realty, and Breezy Quarters.
Businesses benefitting from the grants need to provide substantial evidence that their projects are completed. This includes submitting before and after photos, proof of payments like cleared checks or credit card transaction receipts, and a signed verification letter from vendors or contractors.
Future of Abbeville’s Small Business Community
With applications now open, Abbeville continues its journey towards economic prosperity and revitalization by empowering local businesses. This grant program stands as a testament to the city’s commitment to fostering a thriving small business community.
For more information on how to apply, eligible businesses should visit the city’s website.
Contact staff writer Robert Jordan at 864-943-5650 for any inquiries regarding the application process.
