The goal of the Growing Rock Island Together Program is to provide low interest gap financing in conjunction with a forgivable loan for projects to help incentivize business expansion, attraction, and entrepreneurial business creation. This program is designed to encourage new and expanding business investment, foster revitalization of commercial corridors, and encourage private investment in commercial structures.
GRIT is designed to be delivered as loan funding with 50% structured as a low-interest loan, and 50% structured as a forgivable loan.
GRIT will match up to 30% of total project cost.
GRIT will match up to $50,000 per project.
Eligible activities include:
Building or land purchase
Rehabilitation of or construction of a commercial property
Modernization or "re-tooling" of business operations
Infrastructure related to employment
Clearance, demolition, and removal of buildings to develop sites