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
