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EDC to proceed with third cycle of Thrive Business Grant Program; staff to expand outreach and clarify eligibility
Summary
Staff reported that the Thrive Business Grant Program has a $300,000 allocation, with $76,521.21 reimbursed in cycle 1 and $25,775.05 approved in cycle 2; the board agreed to pursue a third cycle starting in April, with June deadlines and staff-led outreach and clarified guidance to reduce operational-cost requests.
Staff member reviewed the Thrive Business Grant Program’s finances and performance and recommended running a third application cycle with updated outreach and clearer application guidance.
The staff member said the program was initially funded at $300,000 and reported the cycle results: "In cycle 1, what was reimbursed is $76,521.21. And then cycle 2, what is approved is the $25,775.05," leaving a remaining balance of "almost $200,000" for future cycles. The staff member also said the council set a sunset date for the program in fiscal year 2028.
Why it matters: the program…
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