EDA Business Fund Program

The Ellensburg Downtown Association if offering a Business Fund Program that is available to downtown businesses within the downtown core. 2023's funding will focus on beautification. Our downtown needs of some sprucing up and this is our opportunity to make a difference to five businesses who will receive up to $2000 and visibly show our supporters that their donations are important to small businesses in downtown Ellensburg.

This fund is sponsored by EDA Supporters Contributions and Umpqua Bank who have contributed to this fund.

Our goal is to offer funding available to businesses that will help them succeed and bring additional sales to their businesses and our downtown core through process improvements, new opportunities, and/or expansion.

We believe in the strength, endurance, and longevity of our downtown businesses and will continue to find ways to support their growth and stability. We feel strongly in the transformative nature of independent business owners and those who continue to show a commitment to our historic downtown core.

The EDA will award funds to companies who are transforming their business to thrive in the changing reality of today’s economy. This money will not replace any State or Federal Grants that are available, but rather add to your specific needs, not available in those government funds.

Our Mission: Our mission is to empower and preserve community by amplifying our economy and creating a sense of place for all.

 

Business Funds Available

• The total funding available through the award program will be determined per cycle by the EDA and may fluctuate. Funds may be awarded to multiple applicants.
• Applicants may receive funding for approved project cost up to $2,000 and will not exceed the total cost of the project

Example

Awning Project Cost $800 (minus) Awarded Amount $800 (equals) $0 applicant’s contribution

Painting Update Cost $2500 (minus) Awarded Amount $2000 (equals) $500 applicant’s contribution

 

Eligibility

• Downtown retail and/or service businesses who have a physical address within the downtown boundaries.  Those boundaries are 2nd Avenue to 6th Avenue South to North and Ruby St. to Water St. East to West
• Must be a for profit business
• Must submit complete application with required supporting documents
• Winners will be required to sign media release for promotional purposes
• Must have been in business within the downtown core for the last 12 months

 

Project Proposal May Include

• Façade improvements/beautification/expansion
• Infrastructure updates
• Window/signage/painting updates
• Interior and exterior design/decor updates
• Remodeling

Ineligible Expenses

• Owner/Employee wages
• Business operating expenses, rent/mortgage/utilities
• Funding may not be used for expenses that have been or will be reimbursed by other federal or state funding programs
• Funding may not be used for a project already completed

 

Application Timeline

Applications will be available on April 15th, 2023

Application submission will close on May 31st, 2023 at 11:59pm

Award notification will be made by June 12th, 2023

 

All Applications must include:

• Dollar amount requested
• Project proposal
• Detail the impact/benefit the project will have for the business and/or the Ellensburg Community
• Project budget i.e. copies of supporting documents, project quote/bid
• Tax ID number

You will need to create a business case for your request, see example for reference.

Decisioning of awards will be performed by a committee made up of Ellensburg businesses and members of the community outside of the Downtown core. EDA Board of Directors or volunteer committee members will not serve as a voting member of award selection committee, nor may any employee of the Ellensburg Downtown Association. 

 

Notification Process

• The contact information provided during application will be used to notify via email of the Selection Committee’s decision
• Winners will have a follow up via phone from the EDA Director to schedule a meeting for check delivery and interview for social media post
• When your project is completed, the EDA will perform an interview to gather information that will be used to improve our process of awarding future funds

 

Award Requirements

• The approved project must be started within 45 days of the award.
• EDA requires projects to be completed within 180 days of funding. Project extensions are available in extraordinary circumstances
• Changes in project plans must be put in writing to the EDA Business Fund Committee

Business Case Example

WHO: Susie’s Wonders

WHAT: Business Case for New Display Cabinets

Currently, Susie’s Wonders is displaying products on tables, refurbished hutches, and furniture.  We are adding new product lines in the fall and in order to do this we will need new display cabinets that will include hanging space and enable us to better use the vertical space.

 

BENEFITS:

We project that the new product lines will increase business by 20% initially, as there are very few apparel options for women 40-60 yrs. old.  Our current customers range in age from 25-65 yrs., so this will enhance their shopping options when they are in the store.

Cabinetry will allow us to stock more items and use our vertical space.  It is a fresh modern look that will display items nicely.

 

IMPLEMENTATION:

We will have a social media campaign beginning about a month before the grand opening of the new product lines.  We will also communicate directly with our customers and have an opening night event. We will continue to market the new product line with our other products.

 

RISKS:

Product line is not embraced by customers.  We can get feedback and change direction next season.  Cabinets will be able to re-set to change with the product lines.

 

COST:

Appraised costs are 10,000.00, including installation.  Based upon sales projections, inventory costs, we expect to pay off in 5 years, depending upon the awarded dollar amount. Bid attached.

 

TIMELINE:

April Order; July delivery: August installation; New Product September 15.

 

MEASUREMENT OF SUCCESS:

Sales of the product line will be monitored weekly, so we can adjust new product volumes and arrival dates.  Our true measure will be Christmas sales. We would think sales should jump by 15-20% as these items have a much higher price point and there are not many alternatives in Ellensburg.

The information provided in this application shall not be shared with anyone outside the EDA Business Fund selection committee and shall remain confidential.