28 Jul BUSINESS GRANT PROGRAM
Through the 2019‐2020 Business Grant Program (BGP), the Town of Hayden (Town) has been working with our local business community to retain, expand, improve and create businesses that foster job creation and capital investment within the Town’s downtown and industrial areas. One facet of the program was designed to encourage physical improvements and commercial revitalization in the downtown central business district by matching investments that improve the overall aesthetics of Hayden. Another facet was to grow and expand existing businesses by increasing their capacity, efficiency and ability to remain operational in Hayden or by adding an additional product line to their business. There were also opportunities for start‐up ideas, and we saw several impressive proposals that folded in our local western heritage and culture, identified a locational niche, or value‐added to our locally grown agricultural products.
The return on investment was substantial. For every $1 that was granted through the BGP, applicants directly invested $9.53 of their dollars. The $100,000 BGP investment generated $953,000 of direct outlay by local businesses (see Appendix A). Additionally, there is evidence that these investments will create seventeen (17) to twenty‐five (25) additional jobs with signs that there will opportunities for more job growth as businesses move beyond or respond to the COVID‐19 restrictions. We have already seen evidence of this where in one instance a BPG‐funded business substantially changed their business model in response to COVID‐19 due to restaurant closures – and that model is proving significantly more successful for them, and BPG funding allowed them to expand their operations.
Thirteen (13) business proposals were supported and funded with the 2019‐2020 BPG. Five (5) of the projects were for building and site enhancement, five (5) were economic development and business expansion projects, and three (3) were business start‐ups. The following pages provide some additional details about each project.
The Hayden BGP has been a significant win‐win for the community. The Town has identified that next steps include securing other sources of funding to continue the program, continuing to work with local businesses to thrive and grow in the on‐going COVID economy, and further leverage of local business investment. Plans also include the collection of economic and jobs data on any funded businesses so the Town is able to assess the on‐going impacts of this valuable program. Follow Link for Full Report