Worcester Small Business Grant Program
$75,000
About the Program
To assist in the creation of new small businesses or the physical expansion of existing small businesses in targeted commercial corridors by providing forgivable loans to qualified applicants.
Eligible Applicants
New small business owners occupying vacant space, or expanding small business owners. The business must be located in a first-floor storefront unit with emphasis to the Creative Economy.
Eligible Uses
- Furniture & Fixtures
- Interior Renovations
- Merchandising Equipment
- Retail and/or food service equipment
Funding
This program is funded through the City of Worcester's Community Development Block Grant (CDBG) funds, which are allocated by the United States Department of Housing and Urban Development (HUD). The funding amount per project is based upon the total new square footage to be occupied by the entrepreneur or existing business owner. The maximum funding amount per project is not to exceed 25% of the total project cost.
| Total Square Footage to be Occupied | Maximum Funding Amount |
| ----------------------------------- | ---------------------- |
| Up to 1,500 Square Feet | Maximum of $25,000 |
| 1,500 to 2,500 Square Feet | Maximum of $50,000 |
| 2,500 or More Square Feet | Maximum of $75,000 |
HUD Eligibility Requirements
In order to be eligible for CDBG funding, each applicant must qualify as meeting one of the following national objectives of the CDBG program:
- Benefiting Low- and Moderate-Income Persons
- Meeting an Urgent Need
- Prevention or Elimination of Slum or Blight
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