The application for an Open for Business in Chestertown loan is now available online at here, and the first round of applications is due by midnight on Friday, August 28.
The Greater Chestertown Initiative (GCI) Revolving Loan Fund was established by the GCI and SFW Foundation to aid economic development in Chestertown by providing financial assistance through loans to eligible businesses. It was created to nurture existing and emerging Chestertown businesses, start-up businesses and capital improvements for existing vacant or underutilized space.
The Greater Chestertown Initiative originally announced the formation of Open for Business in Chestertown at the May GCI meeting. Carla Massoni shared that she had been contacted by a couple who loved Chestertown and wanted to give back to the community but wished to remain anonymous. The SFW Foundation was set up to protect the identity of the Chestertown summer residents who are funding these business incentives. The Foundation has asked GCI to monitor the process of soliciting and reviewing applicants for Open for Business in Chestertown.
The loan is offered to businesses and individuals looking to start a new business, expand an existing business or relocate operations to Chestertown. Residency in the county is not required of the business owner(s); however, the business must be physically located in Chestertown. A review committee will evaluate applications and recommend to the SFW Foundation the business proposals they recommend for funding.
Funds will be awarded at the sole discretion of the SFW Foundation based on these criteria:
- Eligible businesses must be located within the geographic boundaries of downtown Chestertown.
- Project must have a positive economic impact (job creation and retention; increase in production; potential for a niche market)
- Project must be consistent with the Town’s Comprehensive Plan.
- Applicant must demonstrate a need for the funding.
Steve Payne says
That’s great. As a former commercial real estate agent I was glad to see that funds could be used for build out and FF&E. They were always the deal killers on small commercial leases.