The Thrive Business Grant program will have some changes in Trophy Club in the upcoming year.
What's happening?
According to Tamara Smith, assistant to the Trophy Club town manager, the grant application process started April 15 and businesses in Trophy Club have until June 15 to apply.
During the April 14 council meeting, she reviewed the upcoming grant deadlines and some changes that will occur for the second round of funding that was awarded to local businesses.
The grant will reimburse 75% to business owners for upgrades/expansions or up to $20,000 for such items as facade enhancements, sign improvements, interior renovations, equipment upgrades and other critical investments, according to city documents.
The big picture
Funding will be approved by the Economic Development Corporation in July and council will vote on the issue in August.
Businesses will have until October 2026 to finish the projects approved, according to Smith’s presentation.
Smith said work must start within six months of the date of the grant being awarded. Business owners will be reimbursed once city staff verify the completion of the work.
The details
EDC approved revisions, requirements and expectations for businesses that are accepted during an April 3 meeting, Smith said.
The changes include:
- All equipment purchased through the grants must stay in Trophy Club for the lifespan of the business
- 10% adjustment for grant amounts due to unforeseen events
- Exterior work would require pre-approval from the town staff
- Custom fees for international shipping will not be reimbursed
- Businesses must obtain and submit up to three quotes and one must be from a local Trophy Club business or a business owned by a Trophy Club resident
- If a quote can not be obtained from one of the two criteria above, the attempt must be documented
Also, if an applicant is awarded a grant for any work performed and the work is altered for any reason within one year from the date of construction, the applicant may be required to reimburse the town for the full amount of the grant, according to city documents.
The specifics
Council approved six grants totaling more than $104,000 in November 2024. Smith said work for most of the projects started in March and will need to be completed by Dec. 31.
The recipients of the grants were Trophy Club Vision Care, Grace Development, Envision Complete Fitness, Fish & Knife Japanese Cuisine, Jolley Orthodontics and Mathnasium.
After the December grant awards were approved, there was $195,000 left in the fund, according to city documents.
Smith updated council that Envision Complete Fitness had not signed the performance agreement as of the April 14 meeting.
The deadline was April 21. Smith said by email that Envision Complete Fitness did not sign the agreement and that the money will go back into the fund.
