Moline city leaders are launching a new program – funded with a $1.1 million grant from the federal American Rescue Plan Act (ARPA) – to support long-term, sustainable business growth in every corner of Moline.
Aimed at small business owners and budding entrepreneurs, the program is called BOOST, which stands for Business Owner Occupied Stabilization Transformation, city leaders said in a news release. The startup program will be spearheaded by Moline’s Community and Economic Development (CED) Department with the help of an outside business consultant who is expected to be selected by February 2023.
Main goals for BOOST include:
- Business acceleration.
- Repurposing and filling vacant storefronts.
- Revitalizing struggling business districts.
- Maintaining and creating employment opportunities.
- Providing opportunities for entrepreneurs.
- Supporting a vibrant community that is a travel destination.
“The idea is to support long-term business growth, not just write checks,” said KJ Whitley, Moline’s community development manager. “There is a learning curve to opening or expanding a business. The program’s foundation includes mandatory educational workshops and follow up mentorship that will assist our seasoned and future business owners be successful in their endeavors. We are reinvesting in our community and the people in our community. We are also trying to fill some of these vacant storefronts.”
While the program will provide direct funding in the form of small business forgivable loans to both brick and mortar, home-based and mobile businesses, it will also require applicants to attend business-building workshops, work with program mentors and create a business plan as part of the program application process.
BOOST also will target specific economically challenged areas of the city such as the Illinois Highway 92 corridor, 15th and 16th street commercial corridor, Avenue of the Cities, Olde Towne, Uptown and the SouthPark Mall area.
Eligible businesses include those with less than 50 full-time equivalent employees, independently owned and operated, and based in Moline. Eligible businesses must in operation or will be operational within 10 days of receiving assistance. They must remain operational for at least two years.
Loans of $10,000 to $80,000 will be available, based on the size and type of business. A panel made up of CED staff and the business consultant will review applications monthly for eligibility. Educational workshops are required prior to applications being approved. Part of the classroom education will include a course on how to write a business plan.
Activities eligible for loan support include:
- Purchase of business signage.
- Purchase of new or used machinery, equipment or features.
- Purchase of business inventory, supplies or furniture.
- Business marketing.
- Business insurance.
- Rehab improvements.
- Lease (rent) payments up to a max of six months.
- Business mortgage payments up to a max of six months.
- Utilities such as gas, electric, cable, internet and phone.
- Licensing.
- Working capital.
Ms. Whitley said the BOOSTprogram seeks to help the city achieve four of Moline City Council’s strategic goals: establishing a small business mentoring program, establishing a startup business accelerator program, launching an interior grant program and creation of a small business assistance loan program.
A request for proposals (RFP) seeking a business consultant is scheduled to go out this month. The city hopes to begin its business workshops in March 2023. BOOST applications will be accepted in March of 2023. Applications will be awarded until funds are exhausted.
Questions can be directed by contacting KJ Whitley at kwhitley@moline.il.us or (309) 524-2044.
