From ACCD –
Business Emergency Gap Assistance Program Guidelines
8/2/23 Update: The Business Emergency Gap Assistance Program (BEGAP) application portal is set to go live Thursday, August 3 at 12:00 p.m. Please look at the guidelines below so that you have the information in hand you need before you begin the application process.
The Department of Economic Development has created the Business Emergency Gap Assistance Program (BEGAP). This $20 million grant program is for businesses and nonprofits that suffered physical damages from flooding dating back to July 7, 2023. Applicants must intend on restoring, reopening, and bringing their employees back to work as soon as possible and will utilize these grant funds for that purpose.
Incomplete applications will be returned to applicants for revision and will take more time to process. Applications will be approved on a rolling basis until all funds are expended. The application portal is expected to open on Thursday, August 3.
Businesses and nonprofits that sustained physical damages during the flooding event beginning July 7, 2023.
If you are an agricultural business, the Agency of Agriculture, Food and Markets (AAFM) will be posting separate guidance very soon and this program page will provide a link. If agricultural businesses have questions they can email: [email protected]
An eligible applicant must be a business or nonprofit that meets the following criteria:
- Established prior to the July 2023 flood
- Physical property damages must be located in Vermont
- The location for business operations and/or the business assets must have suffered physical damages from the July 2023 flood
- For the purpose of the BEGAP grant, physical damages include damage to real estate, leasehold improvements, inventory, machinery, and equipment.
- Intends to reopen in the same location or elsewhere in Vermont and will utilize the grant funds for this purpose.
The following are ineligible entities:
- Businesses or nonprofits that sustained only economic injury (revenue loss)
- Individual homeowners (for home-based businesses, this application only pertains to business assets)