The City of Rising Sun, through its Revolving Loan Fund Board, has recently created the Business Capital Improvement Projects Forgivable Grant Program. The City has allocated $50,000 to this program and the program will allow local businesses to apply for a grant of up to $5,000 for capital improvement projects. The Applicant will be required to provide 50% in matching funds, meaning that a total project of $10,000 would only cost the Applicant $5,000. The grant awards are forgivable grants and Applicants that are awarded a grant will be required to execute a Grant Agreement whereby 25% of the amount awarded will be forgiven each year for four years. If the Applicant’s business closes before the Grant Agreement, the Applicant will be required to pay back all or a portion of the grant awarded. Businesses that rent their location may apply for the grant if the building owner joins in the application as well.

Eligible capital improvement projects include: facade improvements, structural improvements, window replacement/repair, roof replacement/repair, replacement/repair of necessary components such as HVAC systems, and signage and awnings. Applicants will be required to obtain three quotes for the work to be completed. If three quotes are not able to be obtained, the Applicant must show that they solicited quotes from at least three companies.

Those interested can pick up the application and information from the Clerk-Treasurer’s Office. Applications will be due no later than July 14th. The Application Review Committee will review the applications prior to July 31st and make recommendations to the Common Council. The Common Council will review the applications and recommendations at the August 3rd meeting and may approve grant awards at that time.