UPDATE: Sussex Businesses Could get $5,000 to Help Expand
The newest Sussex grant program is geared toward helping businesses face that final hurdle.
Editor's Note: This article was updated when the grant program was officially approved by the village board.
With 25 vacant buildings in Sussex, village officials approved a grant that could help businesses jump that final hurdle towards expansion.
It’s called the Economic Growth Grant (EGG), and it’s the brainchild of Sussex’s Community Development Association. Existing Sussex businesses looking to expand into vacant buildings could apply for a $5,000 grant to help them clear common problems.
The development of the grant was approved by the village board early December, but it was initially planned to help bring new businesses into the village. Now it's morphed into a benefit for existing manufacturers.
“There are examples where a small amount of money is the only thing keeping companies from expanding in the village,” said Jeremy Smith, the Village Administrator. “The first example I can think of is Color Ink where a little bit of money could help them get past hurdles of the state.”
And the money to fund the grant isn’t coming from the taxpayer. The CDA is using money saved from returns on past investments.
For now, manufacturing businesses are the only ones eligible to apply because the CDA doesn’t think retailers add a tax base. In addition, because the grant program is so new, village staff wants to start out small to see if the program is successful.
However, things could quickly change if officials see the need in other types of Sussex businesses. Greg Goetz, the Village President, said the grant needs to be about more than just Sussex’s manufacturers.
“Sometimes it could be a business that the people really like that’s in need,” Goetz said. “If the people want it to stay here and it’s not in the manufacturing industry, I think it needs to be looked at.”
Joseph
8:13 am on Tuesday, January 24, 2012
How about lowering taxes instead?
Pete
8:23 am on Tuesday, January 24, 2012
Does anyone really think $5000 is going to help a business expand in Sussex? Color Inks presses for example cost millions of dollars to purchase,other equipment cost 100s of thousands of dollars what is $5000 going to do fro them,that wont even cover one months utiliy bill. The board seems a little out of touch with reality on this one.
Joan
8:33 am on Tuesday, January 24, 2012
What about all the retail businesses struggling in Sussex?
Joseph
8:49 am on Tuesday, January 24, 2012
A one time grant isn't going to help a business stay in business forever. It may help it in the short term, but if you lower the corporate tax rate, then the company will have a lot more than $5,000 in savings every single year, which means they could expand and hire more people.
erik1779
5:44 am on Wednesday, January 25, 2012
The interest that was earned on investments is still TAX PAYER money the village doesn’t sell anything that generates money, instead of trying to spend your way out of problems lower the tax rates. If rates are lower you’ll attract new business and new home building.