MICRO-GRANT POLICY AND GUIDELINES
The Bellmead Economic Development Corporation (BEDC) re-introduces the Micro-Grant Program as a way to retain businesses and stimulate commercial investment in Bellmead. This program is sponsored, funded, and monitored by the Bellmead Economic Development Corporation Board of Directors who may amend, adjust, or eliminate this program at any time.
The Micro-Grant Program is intended to retain and assist businesses to continue to operate within Bellmead and help spur growth expansion in the City of Bellmead by offering grant funds for specific business needs such as equipment. This will help provide the additional assistance that is sometimes needed to assist with business growth and development and to help strengthen the business and job environment of the city.
Scope of Program
This program is limited to businesses in the City of Bellmead. The Bellmead Economic Development Corporation has budgeted $10,000 in 2014 for the Micro-Grant Program. The grant award decisions of the Bellmead Economic Development Corporation Board of Directors are final.
The maximum size of the Grant award shall be $1,500, and the applicant must provide a copy of the receipt showing the cost of the equipment and the date of purchase.
Any existing businesses in the City of Bellmead shall be eligible for this program.
(A) – Proof of applicant’s ownership of the subject business or businesses, or proof that the owner of such property has approved the application for such grant funds, shall be required if requested.
(B) – A business and / or individual may apply for one (1) grant set forth herein.
(C) – The maximum amount of funding available to any one business establishment and / or individual shall be $1,500.
(D) – After the Micro-Grant has been approved and the contract signed, the business may proceed to purchase the approved item or expend funds for the approved project.
(E) – A copy of the receipt for goods or work must be presented before any grant will be awarded. The actual amount of the grant award shall not exceed the amount shown on the receipt. This receipt must also show the date of the transaction.
(F) – All grants are paid directly to the applicant and will only be funded after completion of the project in accordance with specifications approved by the Bellmead Economic Development Corporation (the “BEDC”). Photographs of the new equipment or completed work shall also be required.
(G) – The applicant shall be obligated to purchase the item or items listed on the application or to make the improvements in accordance with the application submitted to and approved by the BEDC Board of Directors or designee. Thereafter, any modifications must first receive the written approval of the same. Failure to obtain such written approval prior to making any such modifications shall render the applicant ineligible to receive grant funding.
(H) – The applicant shall be responsible for all applicable permits (if any) related to the project, and failure to obtain the required permits shall render the applicant ineligible to receive grant funding.
(I) – The equipment or improvements, as presented in the application, must be completed in their entirety. Equipment must be set up and in use. Failure to accomplish this within the allotted amount of time shall render the applicant ineligible to receive grant funding.
(J) – The applicant shall not purchase any equipment or begin any improvements prior to receiving written approval of grant funding from the BEDC or their designee.
(K) – The applicant must purchase the equipment or begin the improvements within 60 days and complete the project within a maximum of 120 days of receiving written approval from the BEDC. Failure to start or complete the project within the required time periods may result in the loss of the grant funds allocated for the project.
(L) – The applicant must agree to remain in business and to not sell or assign such business to another person or entity for a period of twelve (12) months from the date of the funding of the grant.
(M) – Approval of all applications shall be with the understanding and agreement that, in the event the business (applicant) fails to remain open, or the business or property is sold or transferred, within twelve (12) months after the funding of the grant, the applicant shall be considered in default of its obligations under the grant, and shall be required to reimburse the BEDC the grant money received, in accordance with the requirements.
Application and Approval
(A) – Applications will be accepted beginning on a specified date. They will be reviewed by the BEDC board and approved on a first turned in – first approved basis as long as all requirements have been met for submission. A response shall be made within six weeks of receipt.
(B) – Applications must be made on a form provided by the BEDC, which shall be made available at the Bellmead City Offices located at 3015 Bellmead Dr, Bellmead, Texas or on the BEDC web site at www.BellmeadEDC.com.
(C) – All applications must be approved by the Board of Directors of the BEDC or their authorized designee.
(D) – The BEDC may award grant funds to an applicant, with certain provisions, conditions, or other requirements the BEDC deems necessary or appropriate.
Funding of Grant
(A) – Upon written notification to the BEDC by the applicant that a project has been completed, an inspection by a BEDC representative or representatives shall be made to confirm that such project has been completed in accordance with the application, or any approved modifications thereto. Such notification shall include, but not be limited to, documentation of paid receipts for equipment, materials, labor, permits, inspection reports, or any other item that the BEDC may reasonably deem necessary for determining the project’s completion.
(B) – Within thirty (30) days following the inspection required above, and confirmation of completion of the project in accordance with the application, or any approved modifications thereto, the BEDC shall provide the funds to the applicant.
(C) – Within fifteen (15) days following a BEDC inspection and the presentation of the receipts by the applicant, if a determination is made by the BEDC’s representative that the project has not been completed in accordance with the application, or any approved modifications thereof, the BEDC shall issue a letter to the applicant indicating all areas of non-compliance. The applicant shall then have sixty (60) days beyond any expiration periods, from the date of the BEDC letter, to make the modifications necessary to bring the project into compliance. Failure to complete such modifications within said sixty (60) day period may be deemed a default of applicant’s obligations under the grant.
(D) – Available funding: The BEDC has budgeted $10,000 to fund this grant program. Grant applications received after the available funding has been exhausted will not be considered.
(E) – If the subject business is sold, transferred, or relocated within a six (6) month period after funding approval is received, the applicant shall be required to reimburse the BEDC for 100% of the grant amount received. Thereafter, until the twelve (12) month anniversary date of such approval, the applicant shall be required to reimburse the BEDC for 50% of the grant amount received if the subject business is sold, transferred or relocated.
(F) – Payments due by the applicant/owner must be paid in full within thirty (30) days after the date of written notification by the BEDC that the applicant/owner is in default of any of the funding requirements set forth herein. The form of such payment shall be a cashier’s check or money order, made payable to Bellmead Economic Development Corporation.
THE BELLMEAD ECONOMIC DEVELOPMENT CORPORATION ACKNOWLEDGMENT OF RECEIPT OF GUIDELINES AND CRITERIA FOR:
The undersigned acknowledges and agrees to abide by and be subject to the terms and conditions of the Micro-Grant Program as described herein.
Signature: _____________________________________ Date: ___________