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EDC approves small-business incentive program and second round of boost grants; board asks staff to set tiers and outreach
Summary
The Rio Grande City EDC approved creating (and expanding) a small-business incentive application process, authorized a second round of boost grants and directed staff to develop tiers, amounts and outreach with community partners including the Chamber of Commerce and workforce providers.
The Rio Grande City Economic Development Corporation voted May 30 to approve an incentive program aimed at attracting and supporting new or expanding businesses and to authorize a second round of boost grants.
EDC staff presented a draft incentive application and scoring matrix intended to standardize decisions about financial incentives. Staff asked board members to approve the concept and to allow staff to finalize tiers (for example, by investment size) and predetermined award amounts for fairness and efficiency. Board members recommended creating tiers tied to investment or project size and a pre-set range of matching amounts so decisions can be made quickly and equitably.
Board discussion emphasized both recruiting new external businesses and helping local entrepreneurs. Board members suggested the EDC coordinate with the Rio Grande City Chamber of Commerce, the Small Business Administration partners and a one-stop resource so prospective business owners can get help with business-planning, registrations and financing before applying. One board member suggested on-site weekly office hours or recurring workshops for entrepreneurs.
On the boost grants, staff said the first round awarded ten grants and that some applicants for later rounds lacked required documents (certificate of occupancy, permits, landlord approval). The board approved pursuing a second boost round (staff described the program as a $2,500 boost grant per award in the packet materials) and later amended the work plan to add $25,000 to cover the second round and to reserve an additional $25,000 if a third round is needed.
The board approved the small-business incentive program and the second round of boost grants by voice vote, and it directed staff to finalize the scoring tiers, set award amounts, coordinate with partners and begin proactive outreach to the business community.
