Business Assistance Grant Program
The Economic Development Committee (EDC) provides the Business Assistance Grant Program to provide financial assistance to businesses and to stimulate investment in vacant or underutilized commercial space in the Town of Westborough.
Amount of Funding
The EDC will issue grants to cover approved project costs up to $5,000. If the proposed funding project is for rental assistance, the EDC will issue rental assistance grants to new businesses for their first six months of rent (up to $5,000). Total program funding is capped at $60,000 for a fiscal year. Based on its evaluation of needs and scope, the EDC has discretion to award additional funds. For example, if an applicant intends to use their award as a match for another financial incentive program, such as the Massachusetts Vacant Storefronts Program (MVSP), the EDC will consider awards up to $10,000.
Method of Funding
The EDC will select applications for funding and determine corresponding award amounts at one of its regularly scheduled meetings. Applicants are strongly encouraged to attend this EDC meeting to discuss their project. The EDC scores applications according to the Rubric for EDC's Business Assistance Grant Program (PDF) to help it determine what projects to fund. Please understand that the rubric is intended as a guide and that the EDC has final discretion regarding what applications to fund. This means that even if your project scores highly on the rubric, it might not get funded if the board finds a different project more compelling. If awarded funds, the applicant shall enter into a grant agreement with the Town of Westborough. The approved applicant must then submit invoices and/or proof of payment to the Town, and the Town will directly pay the vendor or the applicant, as appropriate. If used for rental assistance, the Town will make a reimbursement payment to the applicant up to the amount approved, upon proof of payment of rent.
Timing of Funding
Applications may be submitted at any time but are only reviewed quarterly. At this time, the EDC considers and approves grants at its February, May, August, and November meetings, which occur on the first Tuesday of the month at 8 am in Town Hall. Applicants should submit proposals at least two weeks before the aforementioned meeting. Accordingly, as of now, the deadline for the next funding round is January 24, 2023. Within five business days of that deadline, staff will review the applications received for eligibility/completeness and communicate next steps to applicants. Payment will be remitted to the approved applicant about 2 to 3 weeks after all documentation and paperwork has been submitted.