TALLMADGE — The Tallmadge Grow, a Community Improvement Corporation, will contribute $50,000 to the Summit County Greater Akron Chamber COVID-19 Emergency Relief Program.
The CIC’s sole purpose is to encourage and promote the industrial, commercial and civic development of the city of Tallmadge.
The allocation of emergency grant funds will be used to help support eligible businesses within the city of Tallmadge who have been impacted by COVID-19 and the ensuing economic impact, said Mayor David Kline.
"As you may know, the county passed legislation last week which establishes a partnership with the Greater Akron Chamber of Commerce for purposes of administering a Small Business Emergency Relief Grant Program," Kline said. "Municipalities and/or quasi-governmental agencies such as our CIC are eligible to participate in this program."
On March 30, Summit County created the COVID-19 Small Business Emergency Relief Grant Program which is administered by the Greater Akron Chamber. The program provides $5,000 grants to eligible small businesses.
To be eligible, a small business must be for-profit, have its principal place of business located in Summit County, and employ between three and 25 employees for at least 20 hours per week and at least half of the employees must be Summit County residents.
Tallmadge Grow member Matthew Springer said $1.2 million was raised to support small businesses, and at least 12 Tallmadge small businesses applied for the emergency funds by the April 13 deadline.
The grant committee will review the applications and verify the businesses are in compliance with plan requirements, Springer said.
"They will be vetting applications this week," Kline said. "We’ll know next week, hopefully, who passed the first round."
Kline said as of Dec. 31, the Tallmadge Grow CIC had $256,797 on hand. Money is from rental properties the city owns. The minimum donation to the Akron Chamber was $25,000 but Kline suggested a $50,000 grant donation. The money added from Tallmadge’s CIC fund can only be used by Tallmadge businesses.
"If the money isn’t spent, it comes back to us," he said. "The Tallmadge CIC is a perfect function to help Tallmadge businesses out and keep a company from closing its doors."
Summit County will give out grants until its money runs out. Tallmadge businesses would compete with all of the other businesses in Summit County for the grant money, but by adding the $50,000, Tallmadge businesses have a better chance of receiving the $5,000 grant money, Kline said.
"It’s not a large dollar amount but $5,000 is critical for some small businesses to stay afloat," Kline said.
Those eligible after the application is screened will have 180 days to show proof they used the funds according to grant details, such as for mortgage, rent payments, health care, insurance, salary and wages, Springer added.
The Tallmadge Grow members present were Kline, Springer, Mollie Gilbride, Chuck Wiedie, Becky Allman and Mary Tricaso.
Gannett reporter Laura Freeman can be reached at firstname.lastname@example.org.