2021 Franklin County Community Equity Fund

FCCEF Frequently Asked Questions

How much funding is available?
$750,000, broken up into two buckets:
— Open Doors: $500,000 for businesses in operation two years or more.
— New Ventures: $250,000 for new businesses in operations less than two years.

How much grant funding am I eligible for?
— Open Doors recipients can receive up to $15,000 based on previous years’ revenue and number of employees (up to $10,000 base grant, plus $1,000 per employee).
— New Ventures recipients can receive up to $10,000 based on previous years’ revenue and number of employees (up to $5,000 base grant, plus $1,000 per employee).

How does the $1,000 per employee work?
For every W-2 employee you have on payroll, you can receive an additional $1,000 per employee up to $5,000. Business owners DO NOT count if they are not on payroll. To be eligible to receive this bonus, you must present your most recent 941 and 940 tax statements.

Can I apply for both the Open Doors and New Ventures grant?
No

Can non-profit organizations apply?
No, but reach out to us at (614) 484-0940 and we will try to connect your organization with other resources.

Can I receive funding if I have received a Paycheck Protection Loan?
Yes

Can I receive funding if I have received an Economic Injury Disaster Loan (EIDL)?
Yes

Can I receive funding if I have received a Franklin County Community Equity Fund Grant in 2020?
No

Do businesses in all industries qualify?
No – we are not accepting applications from gambling and liquor establishments, pawn shops, or adult entertainment establishments.

What are the tax implications of these grants?
The grants will be viewed as income for your business. Please consult with a tax professional prior to applying with any specific questions about the impact to your business.

When and how will be notified that I have or have not been awarded a grant?
You will receive a decision notification after the grant period closes on November 8, 2021. You will receive notification via email, please reach out to your Entrepreneurial Support Organization (ESO) with additional questions.

How long before I receive the funds after I am awarded?
Grant awards will be made within 30 days of successful completion of the grant agreement.

How will I receive the funds?
Funds can be deposits via ACH or we can mail you a check, your choice!

Can the funds be deposited in my personal account?
Funds will be made available to the applicant’s legal business name. If you are a sole proprietor or 1099 contractor, payments can be made to you personally.

Are there any stipulations as to how I must use the funds?
Equity Fund grant awards should be used for business purposes only.

Is there a deadline by which I must use the funds?
No

Must I show receipts as to how I used the funds?
We do not anticipate requesting receipts; however you should retain proof of purchase in event of future report request and for your tax purposes.

Will I be required to give a testimonial or make any appearances for promotional or marketing endeavors outlining how the funds have impacted my business?
As part of your grant application, you will need to agree to a marketing and photo release. Quotes from your application and/or grant awards can be used for future marketing purposes.

Is my award of the funds public record?
Yes

Am I obligated to do pro-bono work for the grantors?
No

Are there any application or processing fees I will be responsible for?
No

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