Clay County Small Business Development Funds

GUIDELINES AND APPLICATION FORM

Overview: The purpose of this project is to educate entrepreneurs in the best business practices and help them establish a new business in Clay County.  The CCEDG oversees this project in collaboration with Clay County. 

Eligibility: Applicants must be developing a business concept they intend to locate in Clay County, Kansas.

As a prerequisite to apply for Small Business Development Funds, the applicant must successfully complete an approved business training program and write their Business Plan.  Approved courses include 1) the three required KSBDC workshops: The 3M’s, The Right Start, and Cash Flow which are provided monthly at Concordia or Salina 2) other KSBDC trainings with similar content or 3) College business plan course.

Amount: Maximum request for grant funds is $2500.  Businesses may only receive grant funding once.

Eligible use of funds: Small Business Development Funds may be used to assist owner-operated businesses with objectives identified in their business plan.

Reporting Requirements for Funded Projects: Participants who receive Business Development Funds will be required to submit annual progress reports for three years to the Clay County Economic Development Group.  Annual reports of each funded project will include:

Company Name          Primary Contact          Phone              Email

Number of full-time employees (including owners working full time in the business):

Number of part-time employees (hours worked week):

Annual revenue and Annual net income (loss):

Describe the progress of the business during the period

Explain any significant problems encountered during the last year that have affected this business. Describe each problem, the resulting impact on the business, and the action(s) you have taken to assist or solve the problem(s).

The CCEDG Grant Committee evaluates applications for grants on the following criteria

Criteria Definitions: The Financial Review Board will use the following definitions to evaluate applications:

Financial Soundness               20 points

The business plan must include a sound projected financial plan including:

Startup costs                           Operating expenses                 Capital budget

3-year cash flow                      3-year balance sheet                3-year income/expense statement

Owner Operator Experience   15 points

The management team’s business experience that directly or indirectly relates to their business.

Business Plan                          15 points

The business plan should precisely define its business, identify its goals, and serve as the firm’s resume.  The business plan should include: Venture/Project Description; Management and Organization Plan; Marketing Plan; and Financial Plan.

Potential Economic Impact    

Business on Community                     10 points

The economic impact of this business startup on the community in which it is located

The Impact on Business                      10 points

The impact on the start up of this business, meaning the funding should be essential for the implementation of the business plan.

Owners/3^rd party funding                    15 points

The business plan must indicate all anticipated or secured funding sources.  These may include: Owner investment; Traditional Commercial Loan; Other Private Investment; Credit Card Financing and Other funding sources.

Future Prospects for Growth              10 points

The future prospects for short and long term growth of the business.

Quality of Life Impact                        5 points

The business’ impact on the quality of life of the community in which the business is located.