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EDC seeks more applicants for $2,500 small-business boost grant; staff suggests raising revenue threshold
Summary
The Rio Grande City Economic Development Corporation reported limited uptake of its $2,500 small-business boost grant and staff suggested raising the program’s revenue threshold to attract more eligible applicants.
The city’s Economic Development Corporation told commissioners July 14 that uptake for a $2,500 one-time small-business boost grant has been limited and recommended adjustments to increase participation. Melinda Gomez, reporting for the Rio Grande City EDC, said the program targets small businesses with annual revenues under $100,000 to help with equipment, marketing or expansion costs. As of the meeting staff had issued 30 application forms and received eight applications, three of which qualified under the current revenue threshold. Gomez said staff planned to do targeted outreach to Main Street and other business corridors and suggested the EDC board consider raising the eligible revenue cap to capture more small employers and micro-businesses that currently exceed the $100,000 cutoff. The commission asked staff to forward that recommendation to the EDC board for discussion; no formal change to program rules was adopted at the meeting.
