The Superior City Council approved a scaled funding chart for its Small Business Grant Program on Tuesday, Jan. 7, which will allow smaller projects to receive more funding.
When the grant program was developed last summer, grants were capped at $50,000, but could only cover up to 15% of a project's costs. The changes allow small business owners to receive grants that cover 25-50% of project costs, with less expensive projects receiving more city funding. Projects that cost $20,000 or less would receive a grant for 50% on a scale that diminishes by three percentage points for each additional $10,000 in costs.
Under the scaled funding chart, grants will be capped at $25,000, so projects that exceed $100,000 would simply receive the $25,000 grant.
Other changes to the program include defining property acquisition as an eligible use and changing the frequency in which small businesses can receive grant funding. The updates were made after the first round of grants were approved.
Small businesses utilizing the grant program are required to enter into a development agreement with the city and can only receive one grant per year.
For information about the program, call 715-395-7335.