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Board approves Community Advancement Reinvestment Fund pilot: first round to use interest from $2 million endowment
Summary
The board approved guidelines and an application process for a Community Advancement Committee reinvestment fund pilot. The first application window will run March 1–31 with about $15,000 expected to be available from interest on a $2 million investment; the committee will recommend awards to the full board.
Montcalm County commissioners approved rules and an application to launch a community reinvestment pilot administered by the Community Advancement Committee.
Vice Chairman Peterson outlined a pilot in which the county would use interest earned on a $2 million investment to seed grants for municipal, township and nonprofit projects in the county. He said the first application round is proposed for March 1–31 with committee review on April 9 and recommendations returned to the full board in April. The committee estimated it could use roughly 75 percent of one year’s interest for the first round — about $15,000 — and then run a second application cycle later in the year.
The funding guidelines in the packet limit applicants to municipalities, townships and nonprofit entities within Montcalm County. The committee said the initial focus is to test demand and refine procedures rather than to fund private business startups. Committee members emphasized checks and balances: the committee will review and recommend awards, but the full board will approve any grants to ensure transparency.
The board voted to approve the guidelines and application process as presented.
What’s next: The Community Advancement Committee will accept applications March 1–31, review them and return recommendations to the board for approval; staff will monitor interest earnings to determine future grant capacity.
