Rockville Small Business Impact Fund Application Guidelines & Evaluation Criteria
The Rockville Small Business Impact Fund will offer financial assistance to qualified, small- and medium-sized businesses to promote economic development in Rockville’s performance districts, especially start-ups and businesses that lack the capital to sustain growth.
The Rockville Small Business Impact Fund (“Impact Fund”) is designed to promote economic development in the metro-area performance districts of the City of Rockville. The fund is targeted toward existing and new businesses in these districts, which will continue to boost economic impact and strengthen business development in the downtown area. The fund aligns with REDI’s strategy to foster economic vitality through projects that support the Mayor and Council’s vision for economic development and offer substantial public benefits, including:
- Retaining and creating new jobs, with an emphasis on traditionally under-employed populations.
- Retaining and expanding key business uses and services.
- Encouraging positive social impact.
- Supporting business-to-community engagement.
There are two application deadlines each year–September 30 and April 30. Applications received after each deadline will be considered in the next review cycle. Applications will be reviewed/approved until all available funds are awarded.
- Complete the online applications.
- Provide the required supporting documentation (listed below) via the online application or email.
- Submit application and supporting documentation by REDI’s application deadline–September 30 or April 30. Once all documentation is received, REDI will review the application and determine eligibility.
- Eligible applications will be forwarded to the Application Review Committee for review and funding determination. All funds awarded are subject to available program funding at the time of approved application. Program funds will be disbursed based on an agreed-upon schedule once all required project documentation is on file with REDI.
Rockville Economic Development, Inc. (“REDI”) reserves the sole right to amend, modify, add or delete any part or subpart of this Program. Additionally, REDI reserves the sole right to accept, reject, or modify any application.
If you have any questions, please contact the office at 301-315-8096 or email Cindy Stewart Rivarde at Cindy@rockvilleredi.org
Application Submission Checklist
To apply for the Rockville Small Business Impact Fund, applicants must submit the following information:
1. Application, including:
- Complete description of how the Applicant will use the funds;
- Additional sheets for explanations of other open-ended items in application; and
- Commitment letters and lender details for other government grants and/or loans.
2. Statement of Public Benefit, indicating how the Applicant meets one or more of the following:
- Implements a triple-bottom line approach to its business model; or
- Is a certified B-corporation; or
- Commits to strengthening the local supply chain; or
- Commits to hiring hard-to-place Rockville residents; or
- Presents a compelling or strategic economic reason to receive a public investment.
3. Supporting Information:
- Complete Business Plan;
- Past three years of business Income Tax Returns;
- Past three years of business financial statements, including income, cash flow, balance sheet;
- Five-year pro forma future projections, including description of how you plan to reduce your reliance on the REDI fund and how you will increase your bottom line in order to be self-sustaining;
- Personal financial statements for each owner, principal, general partner;
- Evidence of Organization including Articles of Incorporation, By-Laws, and Corporate Resolutions as well as any deed showing ownership interest in business;
- General or Limited Partnership Agreement (if any);
- Lease agreement, or prospective lease agreement, for office or retail space;
- Copies of all recent statements of mortgages outstanding on the business property;
- Copy of current business insurance policy;
- Copy of most recent business tax bill; and
- Evidence of zoning compliance for the business entity.
Note: Due to the scope and variation in applicant types, additional information may be requested throughout the application review process. Applications submitted without all required documentation may not be processed until complete documentation is received.
Application Evaluation Criteria
The Application Review Committee will examine the following three areas: Business Evaluation, Project Evaluation, and Public Benefit Evaluation in order to make a recommendation.
1. Business Evaluation
The Application Review Committee will consider the historical performance of the business, if applicable, and the proposed owners will be evaluated to assess their ability to achieve the performance criteria for grants and performance loans, including:
- Financial performance of the business;
- Financial performance of the owners;
- Market performance;
- Management ability;
- Business and personal credit; and
- Relevant public records.
2. Project Evaluation
The merits of the proposed use of funds will be assessed, including:
- Documentation for planned use of funds, and how calculated;
- Projected Income and Expenses;
- Projected Financial Statements;
- Other sources of funding, and uses of those funds; and
- Changes in market and/or management strategy.
3. Public Benefit Evaluation
The merits of the proposed use of funds, in terms of how it contributes to the public good, including:
- Impact on Rockville Town Center economic and social vitality;
- Nature of jobs created and/or retained;
- Percentage of jobs going to hard-to-place Rockville residents;
- Projected tax revenues;
- Community engagement and support;
- Impact on the neighborhood and quality of life; and
- Support of locally made products and local food chain.
4. Are You In the Incentive Area?
Impact Fund Submission & Awards Stipulations
By submitting an application for the Rockville Small Business Impact Fund, Applicant agrees:
- All applications are subject to the review and approval by the Application Review Committee.
- To comply with all applicable local, state and federal laws, including applicable City of Rockville ordinances/requirements.
- If approved, Applicant will use reasonable efforts to consider, for all available positions, qualified City of Rockville residents who are either unemployed or under-employed.
- To keep and maintain such records as may be required by REDI and/or the City of Rockville in connection with the Rockville Small Business Impact Fund.
- All information contained in the application, plus any exhibits or attachments, is true and complete to the best of Applicant’s knowledge.
- Principals of Applicant business are not employees of Rockville Economic Development, Inc. or the City of Rockville, and are not elected or appointed officials of the City of Rockville.
- Applicant company and its principals are not delinquent or in default on federal, state or local taxes, or any existing private or publicly financing loan.
- Funds will not be used for: start-up capital (except for operating expenses and security deposits), refinancing of existing debts (including leveraged buy-outs); acquiring real estate; or distributions or payment to the owners, partners, shareholders, or beneficiaries of the Applicant and members of their families.
- All funds awarded are subject to the availability of program funding at the time of approval. Funds will be disbursed based on an agreed-upon schedule.
- To authorize disclosure of all information submitted in connection with the application to the financial institution(s) agreeing to participate with the Rockville Small Business Impact Fund. REDI is hereby authorized to obtain personal and corporate credit reports.
- Financial and proprietary information submitted with funding application will be kept strictly confidential. Requests for information by third parties will be honored with the consent of the Applicant.
For more information or to request an application, email Richelle Wilson at Richelle@rockvilleredi.org or call (301) 315-8096.