Measuring Local Business Revitalization Program Impact
GrantID: 19273
Grant Funding Amount Low: $750,000
Deadline: February 15, 2023
Grant Amount High: $1,000,000
Summary
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Community Development & Services grants, Community/Economic Development grants, Other grants, Research & Evaluation grants, Science, Technology Research & Development grants.
Grant Overview
Local Business Revitalization Program: Measuring Economic Impact
The Local Business Revitalization Program is structured to energize local economies by supporting small businesses situated in economically distressed areas. Unlike other programs targeting large-scale development projects, this initiative focuses exclusively on bolstering local employment through entrepreneurial support services and workforce training. The aim is to stimulate job creation and enhance income levels by fostering a more vibrant local business ecosystem.
Recent data highlights a growing trend: small businesses constitute a majority of employment opportunities in the United States. By providing technical assistance for entrepreneurs, the program seeks to directly contribute to measurable economic growth within these localities. For example, a small bakery looking to expand its operations could receive funding for marketing initiatives aimed at increasing customer footfall, while also utilizing resources for workforce training to adequately staff the new outlet.
Eligibility for the funding requires that the businesses demonstrate a clear need for support and an actionable plan to achieve measurable growth. In addition, applicants must be located in designated economically distressed areas to align with the program’s goals. Those businesses that are already financially stable or operating in non-distressed zones may not find this funding suitable for their needs.
As the landscape of small business needs continues to evolve, program applicants will need to align their proposals with current economic trends and sustain capacity requirements, which include demonstrating a solid understanding of local market dynamics. Fit assessment criteria will include both quantitative metrics, such as projected job growth, and qualitative indicators, such as community engagement strategies, ensuring that the funded projects can achieve meaningful community impact.
Eligible Regions
Interests
Eligible Requirements
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