Economic Development Corporation (EDC)

City of Stanton Economic Development (SEDC) Grant Guidelines

New Businesses:

Grants are made on a case-by-case basis. If seeking a large sum for anything, except infrastructure, it will be understood each $10,000 approved will be equal to 1 year under contract. (Example: if approved for $30,000, the contract with EDC will be for 3 years.) – The SEDC will not grant more than 25% of what the new business owner is investing. (Example: if business owner is investing $100,000, the EDC will do a max of $25,000)

Existing Businesses:

Existing businesses may not come to the SEDC more than 3 times in 5 years, unless you can show sales tax payments made to the state exceed the amount of grants received. If needing new equipment, SEDC will match your investment up to $5,000. Grants may not exceed $10,000 unless deemed necessary by Stanton Economic Development Board (SEDB).

Existing Business seeking large sums for infrastructure:

Bring sales tax documentation of payments made to the state to show impact your business has on Stanton’s economy. This will help the board determine if your request is appropriate.

Facade Improvement:

Exterior front façade enhancements. Improvements may be considered if located on a corner or paralleling an internal public space such as a park, parking lot, pedestrian way, or visible from the public right-of-way. The grant amount may be up to 50% of the cost of such improvement, up to a maximum of $10,000. Improvements to store façade including, but not limited to:

• Exterior painting that incorporates a major visual change (maintenance painting does not apply);
• Significant masonry cleaning and/or restoration;
• Addition of awnings (business logo & letters on awnings are acceptable);
• Enhanced exterior building lighting that creates a noticeably enhanced appearance (replacement or current lighting that is simply repair does not enhance the appearance of the building, such as replacement of inoperable fixtures and is not included);
• Store front entry systems and individual windows and door replacement or modification (if part of an overall design restoration; general building maintenance repairs are not included);
• New or restored façade elements, such as cornices, soffits, canopies, and other detailed elements.

*Grants may not be used for refinancing existing loans, working capital, inventory, permits, inspections, security fencing or gates, home occupations, roof repair or replacement, interior remodeling, new construction, routine maintenance of landscaping and signage (except for letters/logos on new awnings). Grants will not cover any sales tax or shipping cost.

The Grant Guidelines are strictly that. If an applicant feels that their request does not fall within the guidelines above, they are still encouraged to apply. These guidelines are in place to set expectations and as a point of reference.

Owners Information:

Grant Agreements:

To prepare for grant meeting, prepare business proposal for City of Stanton Economic Development Corporation (EDC). Include hours of operation, construction estimate and/or print-off of requested items, how purchased items are to be used, number of employees, expected payroll, sales tax certificate, and application. (All business taxes must be paid up to date to apply.)

All grant incentives are based on project investment, the number of new jobs created and/or payroll. Grants will be awarded for specific business needs, such as building repairs/improvements (building must be owned by business owner), equipment to prepare goods or services, real-estate purchase, training and infrastructure needs.

The Economic Development Board (EDB) expects a return on its investment in the form of sales tax revenues. Thus, the EDC will purchase the items requested for use by the business. The amount of time the EDB will hold title on purchases will be determined during the Economic Development meeting. If the grant is for labor, the business owner will be required to sign an agreement to repay the grant to the City of Stanton EDC should they sell the business or go out of business in less than the time requirement, decided during the EDC meeting.

All grant monies may only be used toward application requests. Any money not used for these items must be returned to City of Stanton EDC, failure to comply may result in contract extension or legal action.

If grant is approved, business proposal and minutes from meeting, which includes all business discussions, will be attached to this form and will serve as expectations. All approved grants have a 60-day waiting period before funds can be disbursed. All purchased items must remain on premises of address specified in application. Business must provide receipts for all grant purchases and serial numbers for any equipment purchases. A contract will be drawn up in the form of a performance agreement to protect the EDC’s investment. Note will be forgiven on maturity date upon review from the EDB, contingent upon all expectations being met. If note is not forgiven, terms of the repayment discussed during meeting will be included in the contract.

City of Stanton EDC has the right to hold quarterly meetings to determine if business is following expectations from original grant meeting. If business is not in compliance, EDB will determine further action to be taken, including but not limited to, contract extension or grant repayment.

I have read and understand all terms of City of Stanton Economic Corporation.