Rapid Tenancy Program

Slide 2
The Rapid Tenancy Program:
Application Closed

This is the first scheduled round for the Rapid Tenancy Program application submission period and will remain open from date until application reached the limit. Applications will be reviewed for eligibility, and award winners will be communicated via email through the application portal.

Slide 2
The Rapid Tenancy Program:
Application Closed

This is the first scheduled round for the Rapid Tenancy Program application submission period and will remain open from date until application reached the limit. Applications will be reviewed for eligibility, and award winners will be communicated via email through the application portal.

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Here are the Rapid Tenancy Program Application Eligibility and Documentation requirements


Rapid Tenancy Grant Eligibility:

  1. African American or Hispanic Owned Business (51%)
  2. For Profit Business
  3. In Business for 12 months or more
  4. Business is located within the City of Cincinnati Corporate limit
  5. Business is locating or relocating in a commercial space
  6. Plans to maintain business in current space for two (2) years or more
  7. The business has to create 2-5 jobs
  8. Business Revenues have been reduced by 15-20% or less by COVID-19 conditions
  9. The business has revenues of $1,500,000 or less
  10. Businesses over $750,000 must have five (5) employees or more
  11. In good standing with the State of Ohio

Required Documentation for Grant Consideration:

  1. Completed Application
  2. 2020 Business Tax return and/or Personal Tax return (if applicable)
  3. 2021 Business Tax return and/or Personal Tax return (if applicable)
  4. 2022 Business Tax return and/or Personal Tax return or income Statement and Balance Sheet (Must have filed either 2021 and/or 2022 Tax Returns for your business)
  5. The 2023 Year-to-Date Business Financials Projections
  6. 2023-24 Business Financials projections
  7. A completed project worksheet (provided)
  8. Documentation of the expenses associated with the project.
  9. Secretary State of Ohio Good Standing Certificate
  10. Copy of Driver’s license, Passport, or State ID
  11. Copy of Signed Letter of Intent or Lease Agreement
  12. Summary of how relocation will benefit business

 

Selection Process


There is a limited number of available opportunities.  This will be a competitive process.  The application period will remain open until we have reached our capacity. Currently, there will only be one application period.  Applications will be evaluated on a first come, first evaluated basis.   Applications will be selected based on the completeness of required documentation and several key areas discussing and explaining the project’s viability and how it will impact your business growth and/or capacity.

Rapid Tenancy Program applicants will be evaluated in several key areas:

  1. New Business Model evaluation (how will your business look after the relocation or expansion)
  2. Revenue Growth (as a result of the relocation or expansion)
  3. Impact on the Community
  4. Number of staff (FT, PT, 1099 contractors)
  5. Size of Business
  6. Ability to maintain the space for 2023-24 and beyond

 

Usage of Funds


Funds must be used as agreed upon in the application and the project worksheet.  The funds must be used within four (4) months after approval.  There will be two (2) draw periods for your reward.  You will need to complete a draw request before funds will be issued. The second draw must be at least 30 days after the initial draw.

Technical Assistance


All Awardees must participate in Technical Assistance during the application process and after selection into the program.  All Awardees will meet with the Rapid Tenancy Program Coordinator or designated Technical Assistance Consultants assigned by GCMI or the ULGSO to support the business owner and their business.  Technical Assistance is for the benefit of the business to provide resources and resource support for their projects and business needs for relocation.  During the draw period for the funding, each awardee will coordinate with the Consultant to track and discuss the usage of funds.



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