Rock Solid Grant Program

Spring 2022 Applications Now Accepted!

Deadline April 4, 2022 at 5:00 pm

The Rock Solid Fund, administered by the Nantucket Island Center for Entrepreneurship (NICE), 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.  For Spring 2022, up to $45,000 is available in potential grants.  While there is no limit to the size of a grant, the average award is typically between $2,500 - $7,500.

General Eligibility

General Qualification Criteria​

• The current or proposed business must be for-profit, with primary operations on Nantucket.
  • If the application is for an existing business, it must have generated revenue and profit in the calendar year 2021. 
  • If the application is for a new business, there must be a well-developed business plan for producing revenue in calendar year 2022.   
• Businesses that have received prior grants are eligible, although priority will be given to those who have not already benefited from this grant program.
• The project to be funded must begin by May 1, 2022, with all receipts for reimbursement submitted no later than June 30, 2022.

Application Process and Timeline

To apply for a Rock Solid Grant, the business must complete all questions on the application.  All information is confidential and will only be shared with the Review Committee for the purpose of evaluating the application.  

• Monday, March 21: Application process opens.
• Monday, April 4: Grant applications are due by 5:00 p.m.
• Wednesday, April 27: Applicants will be notified if they are receiving an award.

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.

Please address all questions to Grant@NantucketChamber.org