Community Business Investment Grant 

Program Background

In 2021, The Mayor and City Council authorized $1,000,000 from Troy’s American Recovery Program Act (ARPA) municipal aid distribution to fund a business improvement grant. The program is administered by the Local Development Corporation to support capital improvement projects that will allow our small businesses to grow and sustain success in Troy. The pandemic may be less of an emergency in 2023, but many still face uncertainty from labor and material scarcity, rising interest rates, and inflationary pressures. The City of Troy is dedicated to supporting the backbone of our local economy as we face these unpresented challenges together. 

The Community Business Investment Grant program will provide reimbursement funds to eligible commercial and mixed-use projects that strengthen the surrounding community. Grant funds will be utilized for the redevelopment, rehabilitation, or historic preservation of vacant, underutilized, or occupied commercial spaces and properties within the City of Troy. Other capital improvement projects, including the purchase and installation of fixed machinery and technology to improve business operating efficiency, meet changing customer needs, or expand offered services and products, are eligible as well. Grants will range between $5,000 and $50,000, with a minimum 50% match requirement from the property or business owner. 

Program Goals

1.    Support local small businesses in need of capital to expand their existing City of Troy business.
2.    Support business revitalization of storefronts and smaller mixed-use properties along blighted and poorly performing commercial corridors. 
3.    Grow local jobs filled by local employees.
4.    Maximize efficiency and efficacy of program dollars granted by layering funding with other programs, business assistance services and financing provided by other sources. 

Who Can Apply?

Applicants who are eligible for Commercial Business Investment Grant Fund assistance include property and business owners that are:

•    Individuals
•    For-profit entities 
•    Not-for-profit entities

*Applicants must be current on all taxes

Deadlines

Please fill out the eligibility questionnaire and submit your application before the deadline listed below. Applications received before the deadline will be reviewed for approval at the following months Troy LDC meeting. 

Ready to start the application process? 

Please click here to be taken to the eligibility questionnaire. 

Once the eligibility questionnaire is completed, a staff member will review and email you the link to the complete application. Depending on the number of requests received, it could take up to 5 business days.