By Joshua Schuetz
In 2023, the Cold Spring EDA had a challenge and an opportunity: $50,000 in funds awarded from the Small Cities Development Grant, was left over after the initial round of awards to local businesses in the city’s central business district, due to several businesses opting to withdraw from the program. Without those projects, Cold Spring was at risk of losing funds that were otherwise slated to go to area businesses.
CEDA team member Michael Monson suggested a solution to the EDA board: implementing a second round of grants and expanding the coverage area to include more eligible businesses.
“Instead of Cold Spring losing the funds, the funds already approved for those businesses were pulled together and we were able to have a second round of grants for other businesses and expand the boundaries of the grant’s projects.” Monson said.
The program facilitated funding for seven additional businesses, covering up to 30 percent of project costs, while the owners financed the remaining 70 percent. In total, $500,000 of funding was invested into Main Street businesses as a result of the funds and CEDA’s work to administer them.
“The funds had to be used for the physical store, so facades, windows, flooring, walls, and things that help them run the business,” Monson said. “The bakery in town redid an entire bathroom, and there was another business that replaced tiling in a hallway.” Monson credited the awardees of the grant for their time and effort in completing their projects, noting that participating requires significant investment on the part of the participating business. “In total, we had fifteen businesses receive funds from this program, and our businesses were the ones doing the work, putting their money on the line and making their projects happen,” he said.