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Whitecourt Downtown Business Incubator Program

Grants and In-Kind Support to Whitecourt, Alberta Businesses
to Establish a Retail or Commercial Business in the Downtown Area

Agency Type:

Local

Funding Source:

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Town of Whitecourt

Deadline Date:

08/24/18 4:30 PM

Description:

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Grants and in-kind support to Whitecourt, Alberta commercial and retail businesses to establish a presence in the downtown sector. Grants will be provided in the form of subsidized lease rates, training, and mentoring. Funding is intended to revitalize and increase foot traffic in the downtown area.

Whitecourt has developed a business incubator program to enhance and encourage partnership with local entrepreneurs who are in the final stages of business development and prepared to move to a store front location.

The Whitecourt Downtown Business Incubator Program offers business training services and subsidized leasing costs for new and unique businesses that enhance downtown development, create jobs, and stimulate foot traffic in Whitecourt’s downtown core.

The Whitecourt Downtown Incubator Program has been established to create vibrancy and ensure a healthy business mix in downtown by supporting new and unique retail, service, and/or commercial business concepts. The Program is available to unique retail and commercial businesses new to the downtown core that have the potential to generate foot traffic.

The Program’s objectives are:

a) To provide support over a two-year term to assist entrepreneurs in creating and sustaining an established and profitable business, and help to revitalize the downtown core.

b) To increase unique investment opportunities that will enhance the downtown area and that embrace new ideas to create one-of-a-kind experiences, products, and services; filling vacant storefronts and enrich/improve local retail.

c) To attract business that compliments existing businesses in the downtown core and provide diversification opportunities that generate foot traffic.

Businesses accepted into the Program will receive the following benefits:

a) Operational cost savings for two years through subsidized lease rates in the following schedule:
i. Month 1-12: 50% subsidy of lease rates or an annual maximum of $17,500 per business.
ii. Months 12-24: 25% subsidy of lease rates or an annual maximum of $8,750 per business.

b) Training in the following disciplines provided by Community Futures Yellowhead East:
i. Marketing
ii. Business Ownership
iii. Management Development
iv. Professional Development
v. Business Planning and Financial Management

c) Business to business mentoring support through the Business Support Network.

Businesses accepted into the Program will be subject to the following conditions:

a) Businesses shall participate in all training and mentoring programs offered through the Program as listed above.

b) Businesses shall be open for business a minimum of 6 days per week with hours of operation extending until at least 7:00 pm on weekdays.

c) Businesses shall obtain the services of an approved bookkeeper.

d) Businesses shall meet once every quarter with a business mentor, who shall have access to information on sales, inventory, and expenses one week prior to the meeting.

GrantWatch ID#:

GrantWatch ID#: 183802

Estimated Size of Grant:

Operational cost savings for two years through subsidized lease rates in the following schedule:

i. Month 1-12: 50% subsidy of lease rates or an annual maximum of $17,500 per business.
ii. Months 12-24: 25% subsidy of lease rates or an annual maximum of $8,750 per business.

Term of Contract:

The business shall remain in continuous operation within the downtown district for two (2) years from date of opening. Businesses who relocate outside the downtown district before this time shall repay 100% of the rent subsidies received by the business prior to relocation.

The Town of Whitecourt also reserves the right to require repayment of 100% of the rental subsidies paid to any business that fails or closes prior to the completion of the two (2) year program requirement.

Additional Eligibility Criteria:

The Program is available to unique retail and/or commercial businesses that are new or expanding to the downtown core. Businesses may choose any location downtown, as long as the property owner agrees to the terms and conditions of the Program. To qualify, businesses must offer services to all members of the general public.

All applicants must have written consent of the property owner and be within the downtown core area as outlined in red on Schedule “B”.

Pre-Application Information:

Whitecourt is accepting applications for funding until Friday, August 24, 2018. Please complete the Application Form and submit with all supplementary documentation as specified, to the Town Planning and Development Department by 4:30 p.m. on the advertised closing date.

Applications to the Whitecourt Downtown Incubator Program will be considered on a case-by-case basis.

Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.

Submit applications to:

Town of Whitecourt
Planning and Development Department
5004 52 Avenue, Box 509
Whitecourt AB T7S 1N6

Phone: 780-778-2273
Email: administration@whitecourt.ca

Grant Coverage Areas:

Whitecourt

URL for Full Text (RFP):

Geographic Focus:

Canada: Alberta