MAINSTREET SHELBYVILLE RENT SUBSIDY GRANT

Mainstreet Shelbyville seeks to provide a rent subsidy grant for new and existing businesses in the Shelbyville downtown historic district. Priority will be given to retail businesses although service businesses may be considered also. It is the intention of Mainstreet Shelbyville to help new and existing businesses with funds to help their cash flow and expand their existing businesses. These funds are limited so not every business that applies may receive funding.

HOW LONG DURATION IS THE GRANT AND WHAT IS THE MAXIMUM AMOUNT?

The grant will be for no more than twelve (12) months and could be approved for less time. The amount awarded will be no more than fifty (50) per cent of the applicant’s rent payment to the lessor and could be approved for less.

HOW DO I APPLY FOR THE GRANT?

Applicants may obtain an application from the Mainstreet Shelbyville office at 501 N. Harrison Street, Shelbyville, IN. 46176. Phone: 317-398-9552.

WHAT IS THE GRANT PROCEDURE?

To obtain a grant the applicant must do the following:

  1. Obtain an application from the Mainstreet Shelbyville office, fill it out, and return it to the Mainstreet Shelbyville office.
  2. When the application is received by Mainstreet Shelbyville, it will be reviewed by a three (3) person Mainstreet Shelbyville committee. If the grant is approved by the three (3) person committee, the grant application will be presented to the eleven (11) member board. If the board approves it, then the applicant will be notified within sixty (60) days or sooner that the grant has been approved.
  3. After the grant is approved and the applicant is notified, Mainstreet Shelbyville will write checks directly to the lessor of the building corresponding to the time frame that the lessee writes rent checks to the lessor. The applicant will have to sign a Memorandum of Understanding (MoU) with Mainstreet Shelbyville before any funds will be disbursed.

DO I NEED TO PROVIDE ANY OTHER DOCUMENTS?

If you are a new business, you must provide a current business plan, a statement of net worth, and a current or pro forma income statement. If you are an existing business, you must provide a current business plan, current statement of net worth, and a current income statement. Other documents may be required if Mainstreet Shelbyville feels the additional documents will help Mainstreet Shelbyville make an intelligent decision.

CAN THE GRANT BE TERMINATED?

Yes, the grant can be terminated in any of the following conditions occur:

  1. Mainstreet Shelbyville finds that he application has been falsified,
  2. If the applicant is behind two (2) months in rent to the lessor, then Mainstreet Shelbyville may terminate the grant.
  3. If the applicant is six (6) months behind in rent to the lessor, Mainstreet Shelbyville reserves the right to take whatever action necessary to ask for restitution of the amount that Mainstreet Shelbyville has paid to the lessor on the lessee’s behalf.

If Mainstreet Shelbyville finds that any of the above conditions has occurred, Mainstreet Shelbyville will notify the applicant in writing that the grant is being terminated. Depending on the amount of funds involved Mainstreet Shelbyville may seek to recover dispensed funds from the applicant.