Financial assistance program offers rental and equipment purchase funding for new amenities
Marlborough, MASS. July 14, 2017 – The Marlborough Economic Development Corporation (MEDC) has launched a financial assistance program to help attract new restaurants and brewpubs to the city.
The Marlborough Amenities Financing Program will reimburse one year of rent, up to $15,000, and 50% of equipment expenses, up to $10,000, for new food-and-beverage businesses or any other amenities that choose to open in the city.
To become eligible for rental assistance, applicants must sign a multi-year lease within Marlborough, and demonstrate that the project would not be possible without the Amenities Financing Program. To be eligible for equipment reimbursement, applicants must provide three price quotes per item, along with proof of purchase. Businesses can apply for both rental and equipment assistance simultaneously through a single application form.
In the case of brewpubs and restaurants, MEDC executive director Meredith Harris says the equipment portion of the Marlborough Amenities Financing Program aims to help homebrewers transition to large-scale production and restaurateurs to expand or open a new location. The rental portion of the program aims to alleviate the burden of fixed expenses, while businesses are not yet able to generate income.
“While we welcome applications for all amenity-type businesses, we designed this program with the needs of startup restaurants and brewpubs in mind,” said Harris. “For example, brewers are required to have a signed lease before they are able to apply for the proper licensing, but they are not allowed to serve until the license is issued, which can take up to six months. And, unless they are leasing a turn-key property, new restaurants and brewpubs usually need a few months to design and fit out their new spaces. Since the business is unable to generate revenue in the meantime, this could become prohibitive for a new startup. So, our financial assistance program helps new restaurants and brewpubs by defraying some of their up-front costs.”
The Marlborough Amenities Financing Program is the fifth financial assistance program to be added to the Marlborough Economic Development Toolbox. The Toolbox provides small business owners and entrepreneurs with financial resources— including gap financing, tax reimbursements, rental assistance and beautification grants—so they can start, expand, or improve their businesses in Marlborough.
To learn more about the Marlborough Amenities Financing Program and download the application form, go to: http://marlboroughedc.com/our-services/financial-incentives/amenities-funding/.
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The Marlborough Economic Development Corporation (MEDC) is the state chartered economic development corporation for the City of Marlborough, MA and represents a public-private partnership for planning. MEDC works with municipal and private investors to foster economic development, job growth and community revitalization.
For a complete overview of MEDC, visit MarlboroughEDC.com.
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