Availability of Funds: The Program provides 50 percent matching funds for approved project hard and soft costs. Total grant may not exceed $50,000. In limited cases, a grant may be approved by the Executive Director up to $75,000 and/or at 75 percent matching funds.
Funds are subject to budget availability. The Program may be targeted to specific geographic areas or priority populations as needed to meet the Prosper Portland 2015-2020 Strategic Plan and community action plans. Some program incentives may not be available in all areas or for all eligible applicants.
In order to provide benefits to the widest range of eligible recipients, a grant recipient or property may only receive one PIP grant within a 10-year period.
Eligible Work: The grant may be used for both physical improvement (hard costs) and eligible consulting assistance (soft costs) to support for-profit related business and property related improvements associated with commercial, industrial, mixed-use, and market rate housing projects.
Hard Costs – Signage, lighting, storefront, or mechanical systems, tenant improvements, roofs, sidewalks, parking lots, landscaping, or other permanent fixtures.
Soft Costs – Project development services such as architectural, engineering, legal, environmental, market or financial, and business technical assistance such as manufacturing efficiency, business plan development, marketing, accounting, and legal. Grant funds for soft costs may not exceed $25,000. Prosper Portland, at its sole discretion, may require use of a professional consultant for certain projects and where such advice is likely to improve the project or business competitiveness.
Ineligible Work: The following uses are not eligible to receive Grant funding given funding restrictions and Grant purpose:
- Non-permanent fixtures, personal property and equipment, government uses within publicly owned buildings
- National franchises
- Locally owned franchises with more than three locations
- Non-profit organizations
- Businesses that exclude minors during all business hours
- In limited cases grants may be sanctioned for one of these uses with Director approval.