The Crookston Housing & Economic Development Authority (CHEDA) has $18,000 left to give for their B3 Program “Building Better Business.” The Building Better Business funds assist with various start-up, improvement, or expansion expenses for local businesses. CHEDA looks to leverage existing investment dollars and creates additional funding mechanisms with these funds.
CHEDA Executive Director Amy Finch spoke more on what the money can be used for. “These funds historically have been sent over from the City with the last two installments being $50,000 increments each,” said Finch. “People can then apply for the grant, and the money can go towards marketing and advertising, start-up improvements, signage on windows, really a variety of things that might help someone’s business grow.”
Finch also discussed the maximum amount of money that can be received and what qualifications must be met. “The standard amount of money is $3,000,” said Finch. “There is an additional $1,000 that can be given to a business owner that’s graduated from Crookston and another $1,000 to a graduate from UMC or the Northland Technical and Community College. So, there is an opportunity to get up to $5,000 for specific businesses.”
Businesses interested in receiving the money must have specific outlines of what they will use the funds for. To be eligible, businesses must also be located within Crookston City limits and on a tax-paying property.
With the new board in place, there has been some concern regarding if the program will stay in place and if businesses can continue to benefit from it. Finch said she doesn’t see the program going anywhere and expects it to be back again once the funds run out. “There has not been specific discussion yet on the B3 program, but I have not picked up anything from anyone that would wish to discontinue it,” said Finch. “As those funds continue to disappear, there will start to be a discussion on if the board wants to continue the program, and at that time, additional funds can be sent over.”
The CHEDA board will look to discuss the B3 program more at upcoming meetings over the next couple of months and potentially make changes to the program if they decide to move forward. It has been a great benefit to local businesses and a win-win for all involved, which is part of the reason Finch believes the program will continue.
Business owners interested in learning more if they qualify can go to www.crookstonheda.com/ scroll down and click on the “Building Better Business” icon for more information.
