The Economic Growth Grant program intends to support current Belleville businesses wishing to expand in Belleville and businesses in the Madison region looking to expand their operations within Village limits. The program’s focus is on attracting businesses to Belleville and helping existing businesses expand.
Eligible Applicants
Eligible applicants include non-profit and for-profit companies but exclude governmental entities.
- Eligible Project Costs
- Land and Building Acquisition
- Building renovations
- Capital Improvements
- Engineering and Planning Costs
- New Employee Training Cost
- Relocation Expenses
- Signage
Match Requirements
Applicants must invest in Belleville for land/building acquisition costs, new capital improvements, and new employees for at least as much as the grant amount. Higher priority to grant applications will be given to those creating more new jobs and or having a higher value of new capital investment in Belleville. In the event the Business does not survive a year this would serve as a reimbursement grant.
Underwriting Criteria
In determining whether to fund the application and the amount of the award, the Belleville CDA will consider all of the following, in addition to any other information it deems relevant:
- Does the proposed business fall within one of the industrial categories defined in the Eligible Applicants section?
- Does the applicant have an acceptable credit history (i.e., no outstanding property taxes, length of operations, tax liens, collections, etc.?)
- How large of an investment is being made in Belleville, and will it result in fewer vacant properties or square footage in Belleville? How long has that vacant property been vacant?
- How many new jobs will be brought into the community from the project?
- Does the project help overcome a long-standing economic challenge or a challenge created by Federal and or State rules, regulations, and or practices?
- What tangible result for the betterment of the community will result from the completion of the project, and how does the grant aid in the accomplishment of the project?