Small Business Incentives Fund

The Community Renaissance Fund Company has received a $50,000 grant from the Community Foundation of St. Clair County to provide small business incentives targeting storefronts in downtown Port Huron.

These business incentives may be made in the form of low interest, or zero interest loans, or as partially forgivable loans based on long-term performance goals and objectives.

The minimum eligibility criteria are as follows:

1. Financial feasibility
2. Project's impact on the main corridor of Main Street/Military/Huron/Electric
3. Scale of applicant's own investment in project
4. Likelihood of success and sustainability
5. Project's relevance or correlation to Strategic Edge Report (done by the Port Huron DDA and Mainstreet)
6. Mixed-use development of buildings (commercial or retail along with residential) along Port Huron's main corridor, such as an owner occupied building with residential on the 2nd or 3rd floors and retail or commercial on the lower floors
7. Number and quality of new jobs created
8. Positive Community Impact
9. Tourism Impact
10. Social Impact - arts, culture, entertainment, etc.
11. Project's likelihood to attract consumer dollars to Port Huron - especially on nights and weekends

Awards made by the Community Renaissance Fund Company through this new program will be made in close consultation and collaboration with:

• The Blue Water Community Development Fund (a separate Michigan nonprofit corporation)
• The Port Huron Downtown Development Authority
• The Economic Development Alliance
• Applications accepted by the Community Renaissance Fund Company will be shared with these other partnering organizations as appropriate to help facilitate possible funding from multiple sources.

Before you apply for support from this new program, you must:

1. Have a business plan with a three year projected budget
2. Have secured the majority of your financing from other sources
3. Identified the specific building or location for your new business
4. Have a written list of the challenges or impediments that your business faces in its first year
5. Be willing to undergo a complete criminal and financial background check

Call Lindsay Redlawsk at (810) 989-2160 for additional information.