Downtown Franklin Association receives $60,000 in state CBL funds
Published 3:08 pm Thursday, October 20, 2016
FRANKLIN
Gov. Terry McAuliffe announced on Tuesday that the Downtown Franklin Association would receive a $60,000 Virginia Community Business Launch grant to fund its new “Leap Forward Franklin” program. This will provide up to $15,000 to startup businesses in downtown Franklin to help offset the cost of rent and utilities.
According to Dan Howe, the Downtown Franklin Association’s executive director, the program will be targeted toward retail businesses and restaurants. Suggested businesses include clothing store/shoe store, crafts/arts supplies, book store, antiques, music store, outdoor recreation/outfitters, ice cream, coffeeshop, bakery, galleries, unique gift shops and micro-brewers.
Business proposals will be scored using several criteria, including the strength of the business plan, experience, and how well it matches with local needs. Grants will be awarded on a first through third place basis with the first place winner receiving $15,000, the second receiving $10,000 and the third receiving $5,000.
In order to be eligible for a grant, all businesses submitting proposals must have a minimum of one full-time employee and one part-time employee, and must pay all applicable business license fees and taxes prior to the announcement of the awards. Businesses also must not open prior to the awards agreements.
The DFA will have six classes to help prospective business owners develop their business plans. Attendance at all six classes is mandatory and a completed business plan must be submitted no later than two weeks after the last class in order for a business to qualify for a grant.
By applying for a grant, each selected business owner agrees to meet at least monthly with a designated “mentor” to share information, go over the books, marketing plan, and business hours for a minimum of six months. Each grant will provide monthly reimbursement of rent and utilities upon presentation of receipts during these meetings for up to six months or when the allocated grant funds run out.
Businesses selected to receive a grant will be required to participate in downtown activities, including special events and extended hours campaign, However, the Downtown Franklin Association would provide additional marketing through local and regional media for each business at no charge.
The $60,000 grant is one of five CBL grants totaling $300,000. The communities of Altavista, South Boston, Bristo, and Waynesboro were also selected to each receive $60,000.
“Small business development and entrepreneurism are key components to building the new Virginia economy,” said McAuliffe in a written statement released on Wednesday. “The Community Business Launch program continues to be a resource that we are using to diversify our economy and put a strong focus on small business growth.”
Additional funds for startups in Franklin may be available through low-interest micro-loan and facade grant programs provided by Franklin Southampton Economic Development Inc., the City of Franklin and the Downtown Franklin Association.