Shearer Micro-Grant Program

Shearer Micro-Grant Program is a grant from the Northfield Economic Development Authority (EDA) in Minnesota that funds emerging small businesses located within city limits of Northfield, MN to strengthen their technical, management, or marketing capabilities. Eligible businesses must have been operational for at least 12 months, have a completed business plan, and demonstrate financial need.

Applicants must provide a 50% cash match of total project costs and a signed personal guarantee. Grants are available up to $5,000 per business lifetime, regardless of name changes. Businesses owned by minorities, women, or veterans, and those adding at least one part-time employee, receive selection preference for requests above $2,500.

Applications are reviewed by the EDA Loan Committee within 60 days.

Clement F. Shearer Micro-grant Program | Northfield, MN - Official Website Clement F. Shearer Micro-grant Program The micro-grant program provides assistance for emerging businesses (operating for 12+ months) located in Northfield.

It is designed to strengthen the development of technical, management, or marketing capabilities of the business in service to the people of Northfield. The Micro-grant Program is intended to provide support to grow and expand a small business.

Our goal is to support innovative ideas or compelling business models that hold the prospect of making significant contributions to Northfield’s economic base either through additions to our tax base or development of employment opportunities. To qualify for this program, the business MUST be located in the City of Northfield, as defined by corporate city limits.

In addition, the business must have: Been operational for at least 12 months Have a completed business plan Businesses must demonstrate need for grant funding Written estimates for products and services outlined in the application Business must submit the following required documents: Financial projections for 12+ months Profit and loss balance sheet for previous 12 months Business may apply more than once.

However, the maximum amount of grant funding to be received in total by a single business is $5,000. Businesses that retain similar ownership and similar business model but have changed names will not be considered a separate business, and therefore are ineligible for funding beyond the $5,000 limit. Equity and guarantee requirements Businesses must demonstrate at least a 50% cash match of the total project costs.

A signed personal guarantee will be required to ensure that funds are spent as outlined in the application.

Preferences for selection Businesses that meet at least two of the following priorities will be given preference for grant requests above $2,500: Businesses adding at least one (1) part-time employee resulting from grant Businesses operating in a current lease/owned space in Northfield Businesses owned by minorities, women and veterans.

Businesses that offer internship opportunities to students attending Northfield-based schools and colleges Businesses that are either collaborating with other Northfield businesses and/or purchasing services and supplies from Northfield businesses.

Land and property held primarily for sale or investment Business operating for ten or more years Business that are interested in applying for the micro-grant program should review current business plan with a business coaching agency such as the MCCD, SBA or Small Business Development Centers prior to consulting grant application from Economic Development Staff.

Completed applications will be decided within 60 days of receipt by the EDA. Review process and evaluation Representatives of EDA Loan Committee will review all submissions within 60 days.

The following criteria are used to evaluate applications: Committee will review if the project goals are defined and does the project complement current EDA Strategic Initiatives for the benefit of Northfield’s economic development and prosperity. Committee will review if the project plan adequately describes the overall business project, the anticipated outcomes, and the need for grant funding.

Committee will review how feasible the project is in terms of time and budget. Once a business has been approved for a grant, the business will execute a grant agreement with the Northfield EDA. Payment will then be made directly to the business.

If funds are not going to be spent according to the approved application, and comply with the stated timeline, the beneficiary must notify EDA staff for re-approval of the project. If the grant is not spent according to the approved application, a personal guarantee and claw back policy will be in effect.

The business owner will be personally responsible for repayment of the grant Within 12 months of receiving a grant (or as soon as funds are expended), the business will report to the EDA on how it used the funds. Projects must be completed within a year of receiving micro-grant funding.

This report will include: Photos of the project (these could be used in EDA marketing materials) A written report of how the business used the funds, the impact of the funds on the business, and a testimonial statement that the EDA may use in marketing materials.

Submit these required documents with the application Financial projections for 12+ months Profit and loss and balance sheet for previous 12 months Written estimates for products and services included in the grant application Community Development Program Associate Clement F. Shearer was Dean of Budgeting and Planning at Carleton College and a longtime member of the Northfield Economic Development Authority when he died on May 14, 1998.

He was a strong advocate of community service, and he acted on that belief. Clem was committed to fueling the entrepreneurial energy in the community, and he supported the creation of the micro-grant program. It was in development when he passed away.

In order to honor him for his belief in the community, and his wisdom of investing in entrepreneurs, the micro-grant program was named for him. Government Websites by CivicPlus®