Economic development consultant John Fedo encourages Ely businesses to take advantage of available grants and programs to improve their assets and financial standing.
Fedo filled the city council in on the recently-approved IRRRB budget at the monthly Ely Economic Development Authority meeting last Tuesday. The budget includes $500,000 for the Downtown Building Rehabilitation (DBR) program and $1,500,000 for the Business Energy Retrofit (BER) program.
Ely businesses can also tap into other opportunities such as the Commercial Development Corridor Program, says Fedo. Grants like these can help cover costs of building improvements for local businesses.
“There’s some opportunity there for any of these downtown buildings that are now under some sort of renovation to get some assistance, strictly through grant, to help facilitate the tenant coming in and not having to invest that money to get the building space all fixed up for their business,” said clerk-treasurer and operations director Harold Langowski.
“Hopefully, if history is any proof, I think there will be some projects in Ely that (get the grant),” Langowski said.
However, some business owners perceive the application process as difficult to approach, resulting in many missed opportunities.
“It’s not a complicated process, but it’s government, and it always starts off a little intimidating,” said Fedo, “But I think it’s become a process that’s easy to follow and easy to understand.”
Although funds are often disbursed on a first-come, first-serve basis, Fedo urges businesses to apply for grants even after it appears funds have gone out for the cycle.
“We’re also advising them, if you’ve got a project, put in your application. Just in case those funds are not used this cycle, they could be available for your project,” said Fedo.
He also clarifies that project leaders can apply for multiple funding sources.
“Receiving an application successfully and getting a grant does not prohibit you from applying again. These particular programs line up next to each other, and they are able to be used on a cross-funding basis,” said Fedo, “That means the BER program, DBR program and our Commercial Corridor Program all can benefit a single project if it meets all the guidelines.”
Business owners can view the Ely Economic Development Authority website for information on funding opportunities and to search for answers to any questions they may have.
Fedo also highlighted a new IRRRB pilot program, which he says could “speak directly to a project like the depot brewery.”
“Up to a million has been made available to match with equity on a competitive basis,” said Fedo, “We’ve encouraged the developer partnership there to take a look at the possibility.”
“It’s pretty exciting that (the IRRRB) keeps coming up with new ways to try and attack inner city issues across the Range that are difficult to solve,” said Fedo.
During the meeting, Langowski additionally gave an update on the Harvey Street construction project, which he states will likely reach completion on time, despite a brief delay for the Blueberry Arts Festival and the State Legion tournament.
