The City of Rock Island and a key downtown partner are currently offering $1.25 million in critical small business assistance through a pair of new programs.
Rock Island’s Community and Economic Development Department, in partnership with DARI (Development Association of Rock Island), recently announced creation of the PEP and GRIT programs using funding from the American Rescue Plan Act (ARPA).
PEP, or the Commercial Property Enhancement Program, and GRIT, or Growing Rock Island Together Program, will encourage job creation, provide sustainable funding sources for assistance and help propel businesses forward.
The Rock Island City Council approved the pair of programs on May 22 and the application process opened June 1.
“The economic development team is excited to roll out a pair of straightforward, easy-to-use programs that will lend a helping hand to the local business community,” said Miles Brainard, community and economic development director, in a news release provided by Rock Island. “The goal is simplicity matched with sustainability.”
PEP provides a matching grant, up to 50% of eligible expenses or up to $20,000 match per project. The PEP grant is designed to encourage new and expanding businesses, foster revitalization of commercial corridors and encourage private investment in commercial structures. Eligible applicants are commercial property owners or tenants who are planning to renovate their property.
The GRIT Program provides a 50% low-interest loan, 50% forgivable loan, up to 30% of the total project cost, or up to $50,000 per project. It provides low-interest gap financing in conjunction with a forgivable loan for projects to incentivize business expansion and attract new businesses. Eligible applicants are those relocating or expanding operations in Rock Island; industrial, commercial, retail, small or new businesses.
Once applicants submit a Rock Island Business Assistance Intake form, they will be contacted by an economic development team member to review the form and help determine what program or assistance might fit the proposed project. If the project is ready, the business owner will then be invited to complete a full application via the CivicServe platform.
For more information, contact the Rock Island Economic Development Department at 309-732-2920 or Stacey McIntosh, program director at DARI, at 563-321-7550 or smcintosh@rockislandforward.com.
