The city will accept applications for the Business Assistance Cannabis Grant program

The city will accept applications for the Business Assistance Cannabis Grant program

According to them, this grant is available for new and existing businesses with at least 51% minority ownership. The business must be located within the designated area outlined below. The online application will open at 8:30 a.m. on Tuesday at www.springfield.il.us/cannabis.

Story Highlights:

  • City officials said this is made possible by a portion of the local cannabis sales tax revenue.

  • This grant program will provide up to $100,000 of assistance to minority-owned businesses with a 10% match requirement. Money awarded for the project must be used for specific items including equipment and inventory purchases, land acquisition, new construction or renovation, and labor costs with prevailing wage. The goal of the program is to promote business retention and expansion of minority-owned businesses. The application portal will close on Monday, Feb. 28 at 5:00 p.m..

ELIGIBILITY REQUIREMENTS– The business is located, plans to relocate or will open in the area bounded by Carpenter Street on the north, Ash Street on the south, Dirksen Parkway on the east and 10th Street rail corridor on the west.– The business must be 51% minority-owned.– The business must pay 10% of the entire project cost.– Taxes must be current and up-to-date.– No outstanding debt to the City of Springfield, including parking tickets and CWLP bill payment.– If approved for the grant program, every person listed on the deed of the business must sign off on the agreement.

Questions about this program may be directed to the City’s Office of Planning & Economic Development at (217) 789-2377 or email Info.OPED@springfield.il.us. If a business needs assistance but does not qualify for this program, please contact the City’s Office of Planning & Economic Development for additional assistance.

The following businesses ARE NOT ELIGIBLE for assistance under this grant program:– Home-based businesses.– Nonprofit organizations. Exceptions may apply. Please call for details.– Private club or business that limits membership for reasons other than capacity.– Businesses with at least 33% of their gross annual revenues from legal gambling activities unless the business is licensed by the City of Springfield to operate gaming terminals.– A business in which a majority owner or member of the immediate family is an elected official or employee of the City of Springfield.– An establishment similar to any enumerated above.

Check the latest news about business news section for best information.

The best source of news - newszf.com
Logo
Compare items
  • Total (0)
Compare
0