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Business finance grants to cities or counties can be loaned to private businesses to provide gap financing that creates or retains permanent jobs. Funding is also available for infrastructure improvements that directly create or retain permanent jobs. Eligible activities include infrastructure, land acquisition, fixed assets and working capital.
Some repayment is required for all Economic Development categories. Grants are made to cities and counties, who then loan funds to developing businesses. Repaid funds are returned to the state revolving loan fund. Funds may also be used for infrastructure on a loan / grant basis. The funding ceiling is $35,000 per job created or retained with a maximum of $750,000.
