The Meade County Area Chamber of Commerce was fortunate enough to raise an excess of funds in 2022 with their Chamber Banquet. There will be an annual $8,000 that will go to scholarships, but there is an excess of $5,000 in funds remaining. They will be using that to micro-fund small and start-up businesses in our area.
This program works in two ways.
- To give small one-time funding to Meade County businesses in need
- Provide funding to hopefully help businesses from closing their doors due to an unexpected expenses
Who can apply?
Businesses have to be geographically located inside Meade County, KY. They do not have to be a member at the first request of funding, as this is a needs-based service. They do however have to be a member when making a second funding request. Businesses can only request funds once every 3 years. These grants are meant to be a support for struggling or startup businesses not a source of revenue.
Year One
Use $5,000 to fund microgrants, that way the Chamber Scholarship fund is at the same level as in 2021. We will open the application period in July and continue until funds are exhausted.
To be funded business will have to provide a letter of need, a business plan with a budget to show how the funds will be used, invoice/proof of price for a requested item if applicable, and an in-person interview. Interviews will be done by a group of community partners. They will make the determinations. Funding will be made in one part and there will be a reporting requirement. Reporting will have a grace period of 14 days past the due date. This will allow for project tracing and success reporting. This first year will be geared towards needs-based grantmaking. Cost of relocation to a larger facility, salaries or raises, trips, events, or nonpriority funding will not be granted. Max funding per applicant is $1,200.
Year Two
Any funding that exceeds the $8,000 will be put back into the microgrant program. Any funding that was not allocated in 2022 will be put back into the microgrant program. The Chamber will adjust the program as needed, but the three-year rule will stay. This will allow for as many businesses as possible to receive support.
