 |
|
|
|
| A. |
Purpose |
| |
| |
The purpose of this policy is to further the mission and vision of MBFC to work in partnership with Greater Minnesota to foster business development and job growth. |
| |
| B. |
Objectives |
| |
| |
1. |
To support our economic development partners. |
| |
| |
2. |
To promote the creation of new programs and initiatives that serve the needs of businesses in the communities located within the state of Minnesota. |
| |
| C. |
Eligible Applicants |
| |
| |
Applicants must be not-for-profit or governmental entities or economic development agencies which provide financial, managerial or technical assistance to small business. |
| |
| D. |
Application Process |
| |
| |
1. |
All requests must be in writing and must contain the following: |
| |
| |
a) |
A brief description of the mission, history and scope of the organization making the grant request. |
| |
| |
b) |
A synopsis of the purpose of the request. |
| |
| |
c) |
A budget of anticipated project or program sources and uses. |
| |
| |
d) |
Goals to be addressed with these funds as well as expected outcomes. |
| |
| |
e) |
An evaluation plan to measure these outcomes. (This evaluation must be submitted to MBFC during each year the grant funds will be utilized.) |
| |
| |
f) |
A copy of the organization's IRS determination letter. |
| |
| |
g) |
A grant application resolution of the sponsoring entity. |
| |
| |
2. |
Grant requests will be processed on a continual basis. |
| |
| |
3. |
Requests will be reviewed by the Finance Audit Committee, which will then forward its recommendations to the Board of Directors, which will award grants at its regularly-scheduled meetings. |
| |
| |
4. |
Grants will be evaluated according to the following criteria: |
| |
| |
a) |
Does the request meet the mission of MBFC? |
| |
| |
b) |
Does the requesting organization provide assistance to clients served by MBFC? |
| |
| |
c) |
Will the grant have a substantial benefit to businesses in MBFC trade area? |
| |
| |
d) |
Is the amount of this request reasonable in light of other sources of funds available for this purpose? |
| |
| E. |
Restrictions and Conditions |
| |
| |
1. |
Minimum and maximum grants: |
| |
| |
a) |
The minimum allowable grant application is $1,000. |
| |
| |
b) |
No single award may exceed 10% of our budgeted grant allocation in MBFC's fiscal year, except at the discretion of the Board of Directors. |
| |
| |
2. |
Special consideration will be given for model programs and new initiatives under the Pilot Program Grant Application. |
| |
| |
3. |
Continuing support is not guaranteed to any applicant. |
| |
| |
4. |
Grant applications will not be accepted for the following purposes: |
| |
| |
a) |
Capitalization or re-capitalization of loan or grant funds. |
| |
| |
b) |
Training costs for an individual. (Grant applications will be accepted from organizations for partial sponsorship of the costs associated with the presentation of classes or seminars to groups of business owners, lenders, economic development personnel and the like.) |
| |
| F. |
Pilot Program Grant Application Considerations |
| |
| |
1. |
Current project activity from designated area. |
| |
|
|
| |
2. |
Impacts on MBFC Loan Portfolio. |
| |
| |
3. |
Current status of economic markets in that area. |
| |
| |
4. |
Targeted industry activity. |
| |
| |
5. |
Strategic partnerships deemed appropriate by BOD. |
| |
| |
6. |
Quality of services provided by organization to potential clients. |
| |
| |
7. |
On going support services for 504 project applicants. |
| |
| |
8. |
Funds to be used for programmatic requests only. |
| |
| |
9. |
Semi-annual reports provided by grantee on service provided and activity. |
| |
| |
10. |
Multi-year commitments may be considered with provisions for termination. |
| |
| |
11. |
Pilot program grant amounts will be considered in addition to the annual grant budget for the current fiscal year. |
| |
| |
12. |
The aggregate total amount of the pilot program grants shall not exceed the annual grant amount approved in the fiscal budget. |
| |
| |
13. |
Approval of pilot program grant applications will require a 2/3 majority of the board of directors. |
| |
