EDIC Wraps Up Community Development Block Grant Program
Falmouth Economic Development & Industrial Corporation has officially wrapped up its Community Development Block Grant Program after two years of providing COVID relief to small businesses in town.
Lynne Broderick, administrator for the EDIC, provided the board with a final recap at its meeting last month, June 14. The 16-month process began in December 2020 and closed out last month.
Former EDIC executive director Michael DiGiano, Ms. Broderick and EDIC member Michael Galasso represented the organization on the CDBG review committee. Michael Kasparian of the Falmouth Chamber of Commerce and Mark Lowenstein of SCORE were also members of the committee, which worked to facilitate the microenterprise grant program and distribute funds that Falmouth had been granted for COVID relief.
Ms. Broderick said the committee was active in reviewing and approving applications received from small businesses looking for relief. Ultimately, 13 businesses received grants of varying amounts for a total of $173,840 awarded.
“It was a pretty strenuous application process,” Ms. Broderick said. “We had overall about 30 applicants and 13 were approved for various reasons.”
Businesses served through the block grant program spanned a wide demographic, including a hair salon, a florist, a travel business, a dog boarding and training center, a tanning salon, a construction company and an inn. Grants were awarded based on the percentile of financial losses calculated. Most businesses were awarded funds in the 20th percentile of loss or above, for an average of $13,372. The EDIC was authorized to award up to $25,000 to each applicant, a number that increased from $10,000 after a fewer than anticipated number of applications were received.
Of the 13 businesses that received assistance, Ms. Broderick reported that four had been around for more than 60 years, two were minority owned and 12 were female owned. Mr. Galasso noted that the group did do outreach with minority groups, specifically African Americans, but did not see much interest or participation.
“We looked for minority-owned and female-owned businesses,” Ms. Broderick said, referencing outreach to local minority organizations. “We really did try to help all communities.”
The EDIC members of the review committee tallied a total of 598 hours put into the CDBG program, which was an overall $23,814 expense for the EDIC’s payroll.
“Dollars aside, I think this shows the investment that the EDIC has in our small businesses,” board clerk Thomas Feronti said. “I think that shows really what our effort is here: to help small businesses…that’s what we’re pushing for.”
Ms. Broderick said that while this was one of the more time-consuming grant programs, it was also the most rewarding.
“These small businesses were so appreciative, especially during 2021,” she said. “They were struggling so much.”
Ms. Broderick also provided testimonials from business owners, who expressed their thanks to the organization for providing relief. One applicant, the owner of a travel business, wrote that she was able to keep her business going thanks to the relief provided by the block grants.
“I can’t thank you enough for the grant,” wrote Diana Edelberg, owner of Funtastic Getaways. “It was a life saver that came at exactly the right time.”