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< All CDBG Programs

Economic Development

ECONOMIC DEVELOPMENT

$750,000

Funding Limit

MATCH

50%

of the total project cost

ACCEPTED YEAR-ROUND

January 29, 2024 – December 2, 2024

HOW TO APPLY

Qualify

  • done
    Must notify Commerce 10 days prior to submitting an application
  • done
    Create/Retain low- and moderate-income jobs
  • done
    Provide at least a 50% match
  • done
    Have an acceptable use project

SEE IF YOUR COMMUNITY QUALIFIES

check qualifications programs and more

Program Overview

Funding Amounts

$2 million has been allocated for the Economic Development program in 2024.  The maximum amount of CDBG funds that can be applied for is $750,000.

Qualifying Projects

This program funds projects assisting for-profit businesses or agricultural cooperatives with infrastructure improvements, land acquisition, site preparation, building construction or renovation, machinery, equipment, lease payments, inventory, payroll, and other working capital items.

  • Infrastructure improvements including roads, sidewalks, water lines, sewer lines, etc.
  • Business financing for a new business locating in, or an existing business expanding in, a community.
    • Non-Retail/Local Service businesses
    • Retail/Local Service businesses
  • If business financing projects are completed on time with no concerns, there is a 25% forgiveness of the CDBG loan

Selection Criteria

Grant applications are evaluated for funding based on project/financing feasibility, per capita job creation/retention, and project leveraging (match).

Key considerations include:

  • Must meet National Objective of LMI Jobs Creation/Retention.  At least 51% of the jobs created or retained must be considered low and moderate income.
  • There is a maximum of $35,000 of CDBG funds invested per job created or retained.
  • Projects must meet the required Public Benefit test.
  • Applicants must provide key financial and operational data on the proposed or existing business to demonstrate need.
  • 24 months to create or retain the number of jobs proposed
  • No bailouts or financial restructuring allowed
  • Download grant guidelines for more information on program requirements.

Tips for Success

Determine the type of assistance your business will require – CDBG can help with business financing and/or infrastructure improvements.

Loan repayment is required with Economic Development funding; it is not a grant. How much, at what rate, and what term will be determined by the type of assistance provided.

You must be prepared to document at least one (1) created or retained job per every $35,000 of CDBG funds for business financing projects.

Community Showcase Map

See other communities that have received funding in past years

How to Apply

Qualify

LMI help The Community Development Block Grant (CDBG) program requires that each CDBG funded activity must either principally benefit low- and moderate-income (LMI) persons, aid in the prevention or elimination of slums or blight, or meet a community development need having a particular urgency.

View LMI Family Income Limits for
Persons in
Family
LMI Family Income Limit*
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*LMI calculations are from 2015 Census and LMI by household are from 2023 HUD Section 8. Final LMI will be confirmed upon application review.

1

Find Assistance

Assistance from a professional with CDBG grant experience can help you streamline and strengthen your application. Some or all of the costs to engage help can be covered by your award.

Find Pros in Your Area
3

Have Questions?

Email Timothy Parks, CDBG Specialist,
[email protected]
(785) 480-8072
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