Union County small businesses could be getting some help soon.
The Union County Community Improvement Corp. will meet today and is expected to approve a small business grant program for local businesses.
Economic Development Director Eric Phillips said the 3R Small Business Grant Program (3R) was developed to provide financial aid to small businesses that sustained economic loss because of the COVID-19 pandemic and associated closures.
The goal is to provide one-time grants, up to $5,000, to Union County businesses with between three and 30 employees. Phillips said these businesses are “the backbone of our county, the backbone of our economy.”
“As a result of the COVID-19 crisis, we realize that businesses are suffering and have closed operations, furloughed or laid off employees and/or have realized economic losses,” according to the program description.
Phillips said the program was named 3R because the county is “now seeing a path forward to reconnect with colleagues and partners, to rebuild our businesses and our community and recover normalcy and our strong economic momentum.”
The county commissioners have pledged to put $80,000 from accrued bed tax revenue into the fund. The City of Marysville is moving $100,000 from the façade improvement grant program into the small business grant program. The Marysville Union County Port Authority will contribute $25,000.
“Our goal is $250,000,” Phillips said. “Hopefully we will have some other people come forward who want to invest.”
Phillips said individuals and businesses will “have the opportunity to invest in this as well.”
He said that because the money is coming from existing funds, the program will not cost tax payers additional money.
Businesses will need to apply for the grants. Phillips said a board will evaluate every application, giving added emphasis to Uptown businesses, hospitality businesses, smaller businesses, Chamber of Commerce members and businesses that give back to the community.
“We are looking at need and quality of the company, not necessarily a first come-first serve basis,” Phillips said.
The application period opens May 15 and runs through June 1. Grant recipients will be notified by June 12 and receive payments no later than June 26.
Phillips said business and banking leaders suggested waiting a couple of weeks before handing out money.
“They said that right now there is so much going on, waiting a little bit might not be a bad idea,” Phillips said.
He explained that many programs available now are geared toward keeping businesses afloat while they are shuttered. Phillips said the 3R grant will hopefully help businesses as they reopen. He said grant officials would like the money to be used for lease or mortgage assistance, operational expenses and unforeseen expenses.
“Unforeseen expenses may include, but not be limited to, items such as the cost of conversion of products or services to meet the Ohio Department of Health health and safety requirements, development of new solutions to problems presented during this crisis or safety supplies,” according to grant information.
Phillips said the money can be used for things like cloth masks, sanitizer, items to help with physical distancing and “all those things we never thought we would need to buy.”
He said that while the money can also be used for payroll, that’s not the goal. He said there are other programs available to help businesses meet payroll. In fact, Phillips said, businesses applying for the 3R grant will need to prove they have also applied for those other state and federal assistance programs.
Phillips said he wants to remind business owners and residents that two months ago, the local economy was thriving and the unemployment was one of the lowest in the state, even the nation. He said he hopes to money will be used to keep businesses going until the economy is back on track.
“Hopefully they will be able to bring everybody back on board and we can move forward and get back to where we were,” Phillips said.
He said officials realize the program “is not the end-all funding mechanism for these businesses.”
“But it is a way we can say, ‘You matter’ and if we can help in some way, it helps,” Phillips said.