Frequently Asked Questions
This sounds too good to be true?
It is absolutely true – BOOST Monroe is giving money away to Downtown Small Business Owners and Entrepreneurs. The funds do not have to be repaid. Finding money to start or grow your business is not always easy and we want to help. Non-Profits, Charities and Foundations are not eligible for funding.
How does it work?
The BOOST Monroe investment group members review all applications and then vote on which funding request to approve. The grants are awarded in increments of $100 and up to $1,000 to the winning applicants. The grants will be awarded on a quarterly basis. The dollar amount and number of grants awarded each quarter are decided by the BOOST Monroe members.
Do you require matching funds?
BOOST Monroe does not require matching funds, but we do reserve the right to award grants that may be less than the total amount requested.
Who can apply?
Any currently operating business with a valid business license in Downtown Monroe can apply (click here for a map of the Monroe DDA boundaries). We will also consider requests from Entrepreneurs with an operating business and license that may not have a brick and mortar store front. Downtown developers who are rehabilitating downtown buildings will also be eligible to apply and applications will be considered to fund Downtown improvement projects as well.
If I own or operate a Downtown Business and I am a member of BOOST Monroe, can my business apply for a Grant?
Yes, but you will be asked to abstain from voting for the quarter in which your business applies.
How do I apply?
There is a link on this website for you to submit an application. It is a very simple process, but keep in mind that BOOST Monroe has the right to request additional information, accept or reject any application.
How often can I apply?
You can apply each quarter, but you are only eligible to receive funding once a year. And only one application per business per quarter will be considered.
Tell me what you will and will not fund?
Eligible uses of funding include:
- Business Equipment
- Interior/Exterior Renovations
- Security System
- Professional Services
Ineligible uses of funding include:
- Rent/ Lease or Mortgage payments
- Rental Deposits and Utility Bills
- Late payments or Fees
- Purchase of Alcohol, Tobacco or Medicine