In the effort to improve or start a new business, many investors wonder what state aid options are available and how The City of Morenci can assist them. Here we will define a couple options that the state currently offers and some details you will need to know.
Community Development Block Grant
This is a federally funded block grant and it is not tied to job creation. Money from this grant is given to the City who then manages the project with the business owner. The amount of mataching grant funds depends on the project and varies depending on various factors. The grant has a couple areas of focus listed here:
1 - Facade Grants to assist business owners in the downtown area with facade updates. This grant does require that 2 facades within one downtown area be proposed to qualify for funding.
2 - Signature building acquisition. This allows cities to acquire key buildings in their downtown space for rehabilitation.
3 - Blight elimination - This allows for blight in downtown areas to be eliminated or demolished if it is a non historic building.
4 - City Infastructure Improvements - This helps community with infastructure projects. Morenci took advantage of this grant when we refurbished our parking lots.
The CBDG grant is a great opportunity for a business owner to improve or start their business. The City of Morenci staff are familiar with this grant and can assist with details if and when you are ready to proceed.
Please also visit Michigans Small Business Administration for assistance in starting or expanding your business. www.SBA.gov