Use of Grant Proceeds
Grant proceeds must be used for a specific project that will significantly increase the likelihood a new business will launch successfully, or an existing business will grow. Some examples of projects that would be strong contenders for this program include:
- Upgrading point of purchase or inventory management technology/systems;
- Establishment of new points of sale such as e-commerce, or new services such as off-premise consumption;
- Purchase of equipment that will enable more efficient manufacturing/production;
- Purchase of equipment or technology, or other innovative ways to offset seasonal staffing challenges;
- Innovations that reduce the businesses reliance on goods/products that contribute to island waste;
- Critical startup needs such as legal entity selection and filings, patents/IP protection, accounting setup, corporate website development, or target market research;
- Market research and prototyping of a new product/service;
- Tuition assistance for professional development and training programs to enhance business operations;
- Participation expenses to attend tradeshows or national competitions that will raise visibility for the business’s products/services beyond Nantucket.
Grants may not be used for:
1) Paying off existing debt or projects initiated prior to this grant cycle.
2) Deposits for property lease or purchase.
3) Standard operating expenses such as payroll, rent, utilities, basic goods/services/supplies.
4) Standard advertising and marketing initiatives
Important Information
Rock Solid grant funds will not be awarded to the grant recipient until an approved project plan, expense reimbursement form and supporting purchase orders or receipts are submitted. Funds are not distributed in advance. Unused grant funds will be retained by the Rock Solid Fund and used for future rounds.
