City of Geneva Department of Economic Development

Microenterprise Assistance Program II

Workshop

Thursday, September 29, 2011, 6:30 pm

Ramada Inn Geneva Lakefront

The purpose of this workshop is to familiarize business owners with the Microenterprise Assistance Program and determine feasibility of submitting an application for funding.

The guidelines included here are to give you an overview of some of the requirements of the program:

?P The maximum assistance to any one applicant is $35,000 (minimum $5,000). The participant must provide a minimum 10% cash match.

?P The project must meet a low-to-moderate income test; that is, either the owner(s) must be low-to-moderate in income based on family size and gross annual income; or the project must result in the creation of jobs, the majority of which meet the low-to-moderate income test.

?P Assistance is limited to businesses with five or fewer full-time equivalent employees (including the owner).

?P MAP funding is available citywide. A minimum of 50% of the funds must be provided to startup businesses.

?P Each microenterprise owner must complete an approved entrepreneurial assistance or small business training program prior to receiving a commitment for CDBG Microenterprise grant funds. NYS CDBG funds may be used to reimburse the microenterprise business owner(s) for participating in an entrepreneurial training course.

?P MAP grant funds may be used for equipment purchases, working capital, and other non-construction expenses; MAP funding cannot be used for construction or renovations. However, the owner match can be used for construction.

?P All local property-related taxes of the business and its owners must be currently paid.

?P A pre-application, available at the meeting, must be submitted by Tuesday, October 11, 2011.

Projects will be evaluated with consideration given to project impact and readiness, jobs to be created, and leveraged funds.

All are welcome to attend and learn more about this program.

Questions? Please contact

Valerie Bassett, Director

Geneva Department of Economic Development

47 Castle Street, Geneva, NY 14456

315-789-4393, vbassett@geneva.ny.us