The Business Innovation Grants program is administered by the Renville County Economic Development Authority (EDA) to support local business development and expansion initiatives. The grant is specifically tailored to promote economic vitality in Renville County by providing financial support to businesses undertaking innovative projects that stimulate growth and sustainability. The funder aims to assist with meaningful investments that foster long-term development, retain or create employment, and increase revenues for local enterprises.
Eligible applicants may receive a maximum of $3,000 in funding. Projects supported through this program may include equipment purchases or upgrades, capital improvements, and construction, renovation, or expansion of buildings. Additional acceptable uses include the development or promotion of new product lines, addressing commercial blight, employee training (specifically tuition costs), and upgrades to information technology infrastructure. These funding opportunities are designed to support tangible improvements and innovation within local business operations.
Applicants are required to demonstrate a minimum 1:1 match using their own resources or other funding sources, meaning the business must contribute at least the same amount as the grant requested. Moreover, businesses must be prepared to incur reimbursable expenses totaling at least twice the grant amount, underscoring the program’s focus on leveraging local investment. The grant is contingent upon submission of the application prior to project completion to ensure the proposed work aligns with program goals and is eligible for reimbursement.
To be considered for funding, applicants must submit a proposal that outlines a specific project with a clear potential to either create or retain jobs or significantly boost revenue. This ensures that the funds are directed toward impactful efforts with measurable economic benefits. Applications are accepted quarterly, with deadlines on the 1st of January, April, July, and October.
Interested applicants can reach out for more information by contacting the Renville County EDA office at 320-523-3656 or via email. All inquiries and submissions must be directed to the EDA before any project work begins to ensure eligibility.
