MOLINE, Ill. — If you run a small business in Moline or you're thinking about opening one up, you could get anywhere from $10,000 to $80,000 from the city to help your business grow.
The city of Moline is working on a new program called B.O.O.S.T. which stands for Business Owner Occupied Stabilization Transformation.
The program will use $1.1 million in federal funding from the American Rescue Plan Act (ARPA) to support long-term small business growth.
Businesses can be anywhere in Moline, but applicants have a higher chance of being accepted and will receive more money if they are in these areas:
- 15th and 16th Streets, specifically from 7th Avenue to the south
- IL Route 92
- Uptown and Oldtown
- SouthPark Mall
- Avenue of the Cities
"We would like to fill some of these storefronts and just repurpose them - revitalize our neighborhoods, create additional jobs, help current businesses accelerate and help new entrepreneurs start up," city of Moline Community Development Manager K.J. Whitley said.
The program is focused on brick-and-mortar shops, but home-based businesses can apply as long as they meet zoning and tax regulations.
Food truck businesses can apply as well, so long as the owner lives in Moline.
Funds can be used for a variety of business needs. A few examples include:
- Purchase of new equipment, inventory or supplies
- Business marketing
- Business insurance
- Rent and mortgage payments (up to 6 months)
- Utilities such as gas, electric, cable, internet and phone
- Working capital
Organizers said a key approach of the B.O.O.S.T. program will be equipping business owners with the tools to succeed, which is why management workshops will be a mandatory part of the program.
"Knowing what your merchandise is, knowing who your audience is, knowing how to work your finances, how to do your reporting and your taxes on the back end of things... we really want to provide that educational piece with this program," Whitley said.
Applications for the program open in March 2023.
More information is available on the city of Moline's website.
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