Discover Newport Business Grant Program

Discover Newport Business Grant Program CLOSED (1/5/2022)

View Grant Recipients

OVERVIEW: 

Discover Newport Business Grant Program is a set- aside funding opportunity of the Newport Development Fund (NDF) and is an effort aimed at businesses to expand or locate within the City of Newport that grow and improve opportunities and connections, create job opportunities and attract visitors to the Newport area.  It is spearheaded by the City of Newport, the State of Vermont Agency of Commerce and Community Development (ACCD), and Northeastern Vermont Development Association (NVDA).

ELIGIBILITY: 

Discover Newport Grant Program is open to legal residents of the United States who are 18 years of age or older who are interested in starting, relocating, or significantly expanding a business into an available property within the City of Newport, Vermont, before September 2022. Any business is eligible to submit a Letter of Intent.  Select applicants will be invited to submit a full application and business plan.

HOW IT WORKED: 

Submit a Letter of Intent/Business Idea to the Discover Newport Grant Program no later than 5 PM on October 5, 2021.

The Letter of Intent must include:

  • Your contact information, including Your Name; Business Name (or proposed name), Phone Number, Email Address, Website Address (if exists).
  • An expression of interest in the Discover Newport Grant Program including and answer to the question “Why Newport and Why Now?” (No more than 200 words).
  • A description of the business you intend to start or expand and an indication of the status in the process to start or expand the business (No more than 200 words).
  • A description of the market and customer base your business intends to satisfy (No more than 200 words).
  • Whether you own, will purchase or lease (No more than 100 words).
  • A description of how your business plan will expand and improve the opportunities available in Newport and why that will attract visitors (No more than 200 words).
  • Your experience as a small business owner and information on other members of your team, if appropriate, including other owners, advisors, or mentors. Also, indicate if you desire the assistance of the VT Small Business Development Center advisor to help you develop a business plan and business projections. (No more than 100 words).
  • The intended location(s) for the business and information on the status of your inquiries regarding the property(ies). Please indicate
  • Amount requested.

Determination and Selection:

The NDF Grants Committee, which is a review and selection team will be comprised from a representative from the City of Newport, a representative from the Vermont Department of Economic Development, the Vermont Department of Housing and Community Development, and Northern Vermont Development Association. A representative from Northern Community Investment Corporation (NCIC) will serve as an alternate. The NDF Grants Committee will convene and review the LOIs and through the stated criteria determine viable and ready projects to move forward.

All applicants will be notified of their determination and contacted after October 5, 2021. Selected proposals from the Letters of Intent submitted will be asked to complete a full application with details of those requirements included at the time of notification. The NDF Grants Advisory Committee will make the determinations to full application. The decision of the Committee is final and is not subject to appeal.

Conflict of Interest: 

To ensure that the grant decision-making process is free from such conflicts and the appearance of conflicts, committee members are required to fully disclose all affiliations that constitute a conflict of interest or appearance of a conflict of interest. Each committee member who is involved in the grant review process shall disclose any affiliations with organizations applying for support and any relationship, by blood or marriage, with any individual applicant for a grant.  Upon disclosure of a conflict of interest or appearance of a conflict of interest, the remaining committee members shall rule whether a conflict exists and if deemed so, the member affiliated will have to recuse themselves from the review and selection process. This member will be replaced by a representative of NCIC.

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