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Fox River Grove board raises small-business grant to $15,000, sets two‑step payout
Summary
The Village Board voted to increase its Business Capital Assistance Program maximum from $10,000 to $15,000 and to pay grants in two installments (half after three months of operation, half after six months) to help new downtown businesses sustain operations.
The Fox River Grove Village Board on March 21 approved changes to its Business Capital Assistance Program that raise the maximum grant from $10,000 to $15,000 and change the disbursement schedule to two installments.
Administrator Soderholm told the board the revisions were made at the board's direction to encourage longer-term viability for recipients. Under the new schedule the first half of a grant is released after a business has been operating for three months and the final half is paid after six months.
Trustee Andrew Migdal moved to approve the revised program; Trustee Melissa Schladt seconded. The board voted unanimously — Trustees Jennifer Curtiss, Steve Knar, Andrew Migdal, Melissa Schladt and Patrick Wall voting “yes” — and the motion passed.
The board did not specify additional eligibility criteria or the annual program budget in the discussion recorded in the minutes. Administrator Soderholm’s summary indicated the changes are intended to support new businesses in downtown Fox River Grove but the minutes do not include examples of planned recipients or an implementation timetable.
The board handled the vote as part of routine business; next steps are to finalize program materials and administer awards under the revised terms.