Sep. 10—LOWVILLE — The Naturally Lewis Building Business Fund will provide matching funds to businesses looking to scale-up their business operations through various "tools." Funds can be used for literal tools or figurative tools, such as business services/professional services, to assist business growth. Businesses must demonstrate how the "tools" will increase revenue, add jobs or provide expansion into new markets.
Eligible Projects Must be a for-profit business located in Lewis County. Applicants can apply for funding of $10,000 or more, but must demonstrate a 50% match of their requested funding. Existing businesses with plans to expand or diversify products or service. Funds may be used for equipment, machinery, working capital, training, and workforce development. Projects must show overall benefit to the community and promoting economic development through growing business.
Applications cannot be submitted for retroactive purchases, which includes any project that has already started or has been completed.
Projects must demonstrate the funding will assist to grow or expand the business such as by job creation, employee retention or expansion to new markets. Projects should demonstrate overall community benefits such as job creation and/or retention, enhanced infrastructure, community revitalization or beautification. Project must be completed within two years of receiving funding.
Projects must demonstrate 50% match of requested funding
The Community Economic Development Program has made $100,000 available to create the Building Business Fund.
Businesses with projects that demonstrate significant business growth will receive a one-time grant, funding 50% of projects $10,000+ of selected project costs.
Grant funding is awarded up front as a forgivable loan with 0% interest for two years.
Recipients have up to three years to complete the project with agreed upon milestones. Once the project is complete and milestones met, the loan is forgiven and becomes a grant. If a project is not complete within the three-year time frame, applicants start paying interest and principal on the loan, until the project is complete.
Applications for the Building Business Fund will close on Friday, Oct. 13. The application portal is available online at naturallylewis.com/growing-opportunities/building-business-fund.
Awards will be announced in December.
For questions or more information contact Jenna Lauraine, programs and partnerships director at Naturally Lewis, by calling 315-376-3014 or by email at jenna@naturallylewis.com.