Photo Karen Graham.
This project was supported by a 2023 CIP grant.
Any business within the Township is eligible to apply for a grant under the Community Improvement Plan (CIP) this year.
This program provides financial incentives for eligible projects that are expected to stimulate economic growth in the area. Eligible projects in this year’s iteration of the program include façade and signage improvements, building and site improvements, commercial conversion and expansion projects, heritage conservation, among others. Public funding under the program can provide up to a maximum of 50% of project costs with upside limits ranging from $5,000 to $10,000 per applicant. To date, grants have represented roughly 20% of spending for approved projects, stimulating on average five dollars of private investment for every grant dollar spent.
Since its inception in 2019, the township has contributed a total of $114,650 to the program which has been supplemented by a $45,456 contribution by the province, bringing the total amount available to $160,106. This latest investment brings the total value of CIP grants issued by the township to $100,388. That total investment is estimated to have stimulated a total private investment of more than $700,000. Because the pool of funds earmarked for this program since it began have not been fully utilized, the program did not require any new capital in the 2024 budget.
Economic uncertainty and rising costs loom large in any business owners’ decisions to make capital investments, even when they are incentivized with subsidies. Community Improvement programs are powerful tools to encourage specific investments that can improve the beauty, viability and functionality of our neighbourhoods and businesses.
This year, applicants are required to have a pre-consulting meeting with township staff prior to submitting an application. For more information or to book an appointment, contact Economic and Community Development Co-ordinator Brigid Ayotte at bayotte@cavanmonaghan.net or call 705-932-9339. KG
