A little help for small business in City of Groton

20 Aug 2018

Economic Development

New businesses have about a 50-50 chance of surviving more than five years. While the reasons for this oft-cited statistic from the Small Business Administration vary greatly depending on the type of business, its location, management and other factors, the costs associated with beginning and upgrading a business can contribute to the challenges entrepreneurs face as they strive to succeed.

So-called soft costs, expenses related to engineering or architectural work or securing necessary zoning permits, for example, can be unanticipated or somewhat difficult to predict. When a business budget is tight, unanticipated costs could further skew those already none-too-encouraging odds of success.

The City of Groton’s Economic Development Commission this spring established a grant program aimed at helping new and existing businesses bolster the odds for success by aiding with these soft costs. The commission earmarked $5,000 in its 2018-2019 budget to make grants of up to $1,000 each to cover the costs associated with the planning and zoning process, including surveys and architectural fees. Informatioon about the program is available on the city's website at www.cityofGroton.com.

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