Polk small business applying for CDBG grant

Published 6:52 pm Tuesday, February 14, 2012

Second public hearing Feb. 20
One Polk County business could be expanding.
An undisclosed business is applying for a grant of up to $250,000 through the Small Business and Entrepreneurial Assistance Grant Program, which is administered by the N.C. Department of Commerce, Division of Community Investment and Assistance.
The funding is part of the Community Development Block Grant (CDBG) program.
The Polk County Board of Commissioners met Feb. 6 and held the first public hearing required for the grant. The business that is applying has not yet been named.
A second public hearing, which will be more specific about the business and its plans, will be held at the county’s Feb. 20 meeting at 3 p.m.
The purpose of the grant includes to help at least one existing small business expand and create new jobs and to help the community build an environment that supports and sustains local entrepreneurs. The maximum grant award is $250,000 or $25,000 per job promised.
To be eligible, the business must have been in existence for at least two years and have at least one but no more than 100 employees. At least 70 percent of the new hires must be low to moderate income in the 12 months prior to their employment with the company. Higher paying jobs and companies that pay benefits will be given higher priority, according to the grant.
Eligible business activities to be accomplished with the grant funding include the purchase of land, construction or renovation of a building, construction of tenant improvements, purchasing capital equipment and providing job training for a specific job at a specific firm.