The Rock Solid Fund
Opens 24 Jan 2023 12:00 AM (EST)
Deadline 22 Feb 2023 05:00 PM (EST)
Description






Fund Purpose

The Rock Solid Fund, administered by the Nantucket Island Chamber of Commerce, provides grants to Nantucket-based small businesses to ensure their contribution toward a strong island economy.  Ideally, applicants will use funds to execute an innovative project to ensure the growth and economic stability of their own business while creating a positive role model for others in the entrepreneurial community.


      General Qualification Criteria

  1. The current or proposed business must be a for-profit entity with primary operations on Nantucket.

  2. The applicant should demonstrate the need for funding. Businesses that have received prior grants are eligible if they can demonstrate their application represents a new project.

  3. The business must submit a reasonably detailed plan, including a rough timeline and estimated budget.

  4. Grant proceeds should be allocated (products/services ordered) no later than May 31, 2023, with the project fully implemented by September 29, 2023.


Applications that will not be accepted include proposed projects that use funds to:

  • Pay existing debt, and/or equipment/services ordered prior to the applicant's notification of receipt of the grant.

  • Cover standard operating expenses such as rent/mortgage, automobiles, utilities, payroll, basic marketing, or maintenance.

  • Purchase real estate or an automobile.

     

 Judging Criteria

  1. Need - Other funds are not readily available or already granted for the proposed project.

  2. Achievability - Realistic timeline, budget, and sufficient funding to achieve desired outcomes.

  3. Impact – The project will have a meaningful, positive, and measurable impact on the business and the island community. 


Examples of projects that would be strong contenders for this program include:

  • Upgrading point of purchase or inventory management technology;

  • Establishment of new sales channels such as e-commerce, off-premise delivery, or through new partnerships;

  • Registration/tuition fees for professional development for owners, management, or staff;

  • Purchase of equipment that will enable more efficient operations;

  • Marketing and sales projects that are specifically designed to target new customer segments or distribution/sales channels.


Grant Amounts and Distribution

Applicants are encouraged to carefully consider the dollar amount necessary to complete the proposed project and request only that amount. Funds will not be distributed until each selected grant recipient completes the process to receive approval for their final project plan and budget and submits a reimbursement form with associated purchase orders or receipts.  


Application Process and Timeline

To apply for a Rock Solid Grant, the business must complete all questions on the application and provide attachments as required.  Incomplete applications will be rejected.  All information is confidential and will only be shared with the Review Committee for the purpose of evaluating the application.  Those applicants selected to receive a grant must sign an agreement for restricted use of the funds based on their accepted application.  


Applications Accepted Beginning: January 25

Application Deadline: February 22 by 5:00 pm

Notification of Grant Recipients: March 20

The Nantucket Island Center for Entrepreneurship is available to consult with any potential applicant about how they might utilize this program.  Please direct all requests and questions via email to grants@nantucketchamber.org

Apply

The Rock Solid Fund







Fund Purpose

The Rock Solid Fund, administered by the Nantucket Island Chamber of Commerce, provides grants to Nantucket-based small businesses to ensure their contribution toward a strong island economy.  Ideally, applicants will use funds to execute an innovative project to ensure the growth and economic stability of their own business while creating a positive role model for others in the entrepreneurial community.


      General Qualification Criteria

  1. The current or proposed business must be a for-profit entity with primary operations on Nantucket.

  2. The applicant should demonstrate the need for funding. Businesses that have received prior grants are eligible if they can demonstrate their application represents a new project.

  3. The business must submit a reasonably detailed plan, including a rough timeline and estimated budget.

  4. Grant proceeds should be allocated (products/services ordered) no later than May 31, 2023, with the project fully implemented by September 29, 2023.


Applications that will not be accepted include proposed projects that use funds to:

  • Pay existing debt, and/or equipment/services ordered prior to the applicant's notification of receipt of the grant.

  • Cover standard operating expenses such as rent/mortgage, automobiles, utilities, payroll, basic marketing, or maintenance.

  • Purchase real estate or an automobile.

     

 Judging Criteria

  1. Need - Other funds are not readily available or already granted for the proposed project.

  2. Achievability - Realistic timeline, budget, and sufficient funding to achieve desired outcomes.

  3. Impact – The project will have a meaningful, positive, and measurable impact on the business and the island community. 


Examples of projects that would be strong contenders for this program include:

  • Upgrading point of purchase or inventory management technology;

  • Establishment of new sales channels such as e-commerce, off-premise delivery, or through new partnerships;

  • Registration/tuition fees for professional development for owners, management, or staff;

  • Purchase of equipment that will enable more efficient operations;

  • Marketing and sales projects that are specifically designed to target new customer segments or distribution/sales channels.


Grant Amounts and Distribution

Applicants are encouraged to carefully consider the dollar amount necessary to complete the proposed project and request only that amount. Funds will not be distributed until each selected grant recipient completes the process to receive approval for their final project plan and budget and submits a reimbursement form with associated purchase orders or receipts.  


Application Process and Timeline

To apply for a Rock Solid Grant, the business must complete all questions on the application and provide attachments as required.  Incomplete applications will be rejected.  All information is confidential and will only be shared with the Review Committee for the purpose of evaluating the application.  Those applicants selected to receive a grant must sign an agreement for restricted use of the funds based on their accepted application.  


Applications Accepted Beginning: January 25

Application Deadline: February 22 by 5:00 pm

Notification of Grant Recipients: March 20

The Nantucket Island Center for Entrepreneurship is available to consult with any potential applicant about how they might utilize this program.  Please direct all requests and questions via email to grants@nantucketchamber.org

Apply
Opens
24 Jan 2023 12:00 AM (EST)
Deadline
22 Feb 2023 05:00 PM (EST)