To stimulate economic growth and rejuvenate the local business landscape, the Village of Libertyville has introduced a progressive grant program designed to support and incentivize enhancements to commercial buildings and sites. The program, aimed at encouraging business owners and entrepreneurs, offers a 50/50 matching grant, which can grant up to $5,000 in financial assistance. This strategic move aims to attract and retain businesses, contributing to a vibrant and thriving local economy.
Under the new initiative, applicants can receive a dollar-for-dollar match to improve their commercial properties, with the potential to assist with design costs as well. This financial boost is part of a comprehensive effort by the village to support local commerce during a challenging economic climate. With a total pool of $100,000 allocated for the fiscal year 2023-2024, the grant program is a clear indication of Libertyville’s commitment to fostering a supportive environment for businesses of various sizes and sectors.
Libertyville’s 50/50 Grant Program
The Village of Libertyville has introduced a significant incentive to facilitate the enhancement of commercial buildings and the growth of local businesses through its 50/50 grant program.
Overview of the Grant
The grant initiative by Libertyville aims to provide financial assistance to businesses seeking to improve their establishments or expand operations. It works on a matching principle, meaning the village will provide funds that match the investment made by the business, up to a specific limit.
Eligibility and Application Process
To qualify for the grant, businesses must adhere to certain criteria. They need to be customer-facing, operating from brick-and-mortar premises, and contributing to the village through sales tax. The application process for this grant requires businesses to submit comprehensive plans outlining the scope and financials of their proposed projects.
Fund Allocation and Limits
Libertyville has allocated $100,000 toward this program. Each business can apply for up to $5,000, but the amount granted cannot exceed 50% of the total project cost. These limits ensure an equitable distribution of funds and encourage businesses to make a significant investment in their growth alongside the village’s support.
Impact on Local Business and Economy
Libertyville has initiated a program to foster commercial growth and enhance local economic development through financial support.
Business Growth Incentives
The Village of Libertyville’s matching grant program designed to foster business growth offers a powerful incentive for local businesses to expand and thrive. Eligible businesses can receive grants up to $5,000, requiring the recipients to match the funds. This financial assistance aims to reduce the cost burden of business development and expansion, potentially leading to increased job creation and a more robust local economy.
Commercial Property Enhancements
Improving the aesthetic and function of commercial sites, this grant program also extends to commercial property enhancements. Business owners can utilize the funds to upgrade their buildings or sites, enhancing their appeal and functionality. These improvements can attract new customers, retain existing ones, and contribute to a vibrant business environment. The program’s investment into commercial properties is designed to stimulate business activity and encourage further private-sector investment within Libertyville.
