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The Business Ready Community (BRC) Business Committed program provides funding assistance for community infrastructure to facilitate the start-up, retention, expansion, or location of a specific committed business.
Use the map to locate your nearest regional director.
This basic video illustrates “How the Money Flows” in a typical Business Committed project in the Business Ready Community grant and loan program.
Revenue generated by the applicant must be recaptured at a negotiated rate commensurate with the public investment.
If the total net revenue generated is less than the BRC grant amount, then no less than 25% of net revenue shall be recaptured to the BRC fund. However, if the total net revenue generated is equal to or more than the BRC grant amount, then no less than 25% of the BRC award shall be recaptured to the BRC fund. Revenue paid to the BRC fund shall not exceed the original grant amount of the project.
Revenue recapture requirements may be satisfied by repayment of a BRC loan or via revenue recapture payments unless otherwise prohibited by applicable statutes, rules or regulations.
• All funds recaptured at the local level shall be placed in a segregated economic development account or separate line item within a budget.
• No more than 50% of local recapture may be used for operational expenses of the agent of the applicant such as a local economic, community, or state organization if matched dollar-for-dollar by local funds. The Council staff may, at its expense, conduct an audit of records of the agent for the applicant
• Revenue recapture must be repaid to the BRC fund annually or according to a schedule agreeable to Council staff.