Main Street Ventures, an entrepreneur support organization that helps people with business ideas through grant funding and other assistance, is accepting applications for its third quarter grant cycle that runs through Aug. 19.
Though Main Street is in Cincinnati, Northern Kentucky companies can apply for grants and have been awarded grants from Main Street Ventures in the past.
The company also gives special consideration to tech-enabled companies, women and minority-owned companies, or businesses that can show matching funds.
Companies can apply for two different types of grants. The first is the “Launch Grant,” with $5,000 to $10,000 in funds; it is intended for pre-revenue companies. These companies must show direct customer engagement to legitimize the business model.
The second grant is called the “Leap Grant,” which gives $10,000 to $30,000 in funding to revenue-generating businesses. This grant focuses on the business’s community impact and long-term survival. This grant is typically awarded to companies that show continued growth in creating regional jobs.
“The application is centered around the growth opportunity project,” said Brianna Dzuricsko, executive lead at Main Street Ventures. “So, we don’t fund operating expenses. It’s primarily a project that will take that business to the next level,”
The online application covers general business basics, including a one-sentence business description and a team description. Most of the application, however, is centered around the growth opportunity project.
Around 50 per 60 companies typically apply per cycle, Dzuricsko said, and Main Street accepts approximately five to seven of those applicants. She said they have made exceptions in the past and approve more applicants if the company is a good fit for the program. Last quarter they accepted 10 companies, and they have had up to 13 in one quarter.
She said that number has continued to expand since they started in 2018, making it a competitive program.
Dzuricsko said companies typically use the grant money for buying new equipment, starting their storefront, hiring additional employees, or improving packaging for wholesale markets.
It just depends on the business and market.
“After they apply for the grant and receive it, they go through what we call a needs assessment to see exactly what their biggest needs are,” Director of Community Engagement and Entrepreneur Support Abby Ober said. “Because not every company is one size fits all, so it is very specific to each of them.”
Ober said they would go through the needs assessment together, and if the company needs help with marketing, they will connect them to a marketing mentor. Or, if they have good finances and don’t need help in that aspect, they will look into other areas for improvement.
Ober also helps businesses with something called a learning plan. The plan is designed to get them connected through Main Street Venture’s online course content, their workshops, and connections to mentors or investors.
“We want to make sure it’s not just here’s the check; see you later,” Ober said. “We want to make sure we grow our community and continue that relationship with them as long as they like it.”
There is no cutoff on support like a traditional accelerator. When companies receive the grant, the support starts, and it continues until they don’t need it anymore.
Main Street Ventures has provided seven different Northern Kentucky-based companies grants since the program started. Some of those businesses that the company still works with are Tickety Boo Treats, specializing in healthy desserts like cheesecakes; Fynancial, a financial fitness app; and Local Compost, a food waste recovery service.
A lot of their outreach is targeted through different community organizations such as Aviatra Accelerators, which is how they market to Northern Kentucky communities.
“There’s a lot more that’s happening than just in downtown, although great,” Dzuricsko said. “We leverage community partners through outreach who might be a good fit for our programs.”
