AnsonEDP Launches New Grant Progams for Entrepreneurs and Small Businesses

The Anson Economic Development Partnership (AnsonEDP) has announced the creation of two new grants designed to spur entrepreneurial and small business growth in Anson County. The grant programs are similar in scope and process, but target businesses in different stages of development. Both grants are tied closely to the Rural Center’s new Thread Capital program, a state-sponsored initiative which allows small businesses operating in rural areas access to the capital, coaching, and connections they require to succeed.

The Thread Capital program can be accessed through an online portal at www.ThreadCap.org. The application is simple and takes about 10 minutes to complete. It will ask questions about personal and business finances, available collateral, etc. Once the application is received, staff will review the application and will schedule a 30-minute interview. After the interview, applicants who want to proceed with a loan will be asked to provide documentation about their business. Once the necessary documentation is provided a loan decision is typically made in a matter of days and the funds made available shortly thereafter.

AnsonEDP will promote and enhance the Thread Capital program with two locally-funded grants:

The Bootstrap Grant is for startups, companies in business for less than 24 months at the time of application. It offers a grant equal to the first three Thread Capital loan payments, up to a total of $2,500.

The Enterprise Grant, for companies in business 24 months or longer, provides a grant matching 10% of the Thread Capital loan amount, up to $5,000.

Funding for the grants will come from the Anson Economic Develpoment Corporation, a nonprofit organization which leverages private-sector funding to promote business growth and development in the county.

The grants are open to any business entity operating in Anson County, but companies are limited to one grant in a 24 month period.

“The Bootstrap and Enterprise grants are AnsonEDP’s way of recognizing and supporting small businesses,” said AnsonEDP executive director John B. Marek. “We have traditionally offered assistance for larger projects, but have struggled with how to effectively help smaller companies who do not meet the investment and job creation thresholds for our Industrial Tax Grants, but are still making an economic impact in the county. Although the Bootstrap and Enterprise grant amounts are relatively modest, they are designed to leverage the power of Thread Capital and to provide startups and early stage operations with accessible sources of capital for growing their businesses.”

Companies interested in applying for either grant first need to engage with Thread Capital by filling out the online application and scheduling an interview with Thread Capital staff. If, after the interview, the company desires to go ahead with the loan, they should contact AnsonEDP and ask to fill out a grant application (available at AnsonEDP.com). If the Thread Capital loan is approved, the grant request will be brought before the Anson Economic Development Corporation board for approval at the next scheduled meeting.