THE deadline to apply for the Building Optimism, Opportunities, and Stability Together, or BOOST, Program Grant is this Sunday, Sept. 18.
Funded through the American Rescue Plan Act, BOOST is financial assistance in the form of grants initiated by the Office of the Governor, the Department of Commerce, and the Department of Finance.
It includes coaching and training programs to support businesses and non-profit organizations, and help create employment opportunities.
In a presentation to the second cohort of the Women Entrepreneurs Project under the CNMI Women’s Association, BOOST Program grant administrator and Bank of Saipan President and Chief Executive Officer John Z. Arroyo on Wednesday said eligible applicants must be duly registered businesses or non-profit organizations in the CNMI, with a valid business license, a certificate of existence from the Department of Commerce, and a tax clearance from the Department of Finance-Division of Revenue and Taxation.
Applicants must have no more than 250 employees and generate a maximum of $10 million in average annual receipts.
Non-profit organizations do not have to be a registered 501(c)(3) organization, but they have to be duly registered and authorized to operate as a non-profit organization in the CNMI.
In some certain instances, some businesses must show that they were in operation prior to Aug. 8, 2022.
Ineligible businesses include gaming and casinos, adult entertainment establishments, and businesses with 50% or more gross income derived from marijuana.
BOOST funds can be used for a variety of purposes, including, but not limited to, startup costs, operational costs, working capital, business expansion, new industry development, plant and equipment acquisition, and inventory.
BOOST funds must only be used for business operations in the CNMI.
Applicants must submit a completed grant request packet by the deadline.
The packet must include a request letter with the business or non-profit organization’s letterhead; a business plan; the applicant’s business profile; and a list of products or services offered.
The request letter must be addressed to the BOOST Program grant administrator Arroyo and should clearly state the justification and purpose for the requested amount.
Furthermore, the letter must indicate, in detail, the need for funding, the financial hardship faced by the applicant, the number of jobs retained or added, and how the grant proceeds will assist the applicant recover from hardship.
The letter must be signed by a duly authorized signatory.
Arroyo said a business plan must discuss, in detail, what the business goals and objectives are, how it will achieve these, and contingencies in the event unforeseen circumstances present obstacles.
The plan must also include financial projections.
An incomplete request packet could delay review and approval, and risk missing the funding window.
Requests will not be accepted after the Sept. 18 deadline, unless otherwise advised by the Office of the Governor.
For more information, visit www.boostcnmi.com/.
BOOST Program grant administrator and Bank of Saipan President/CEO John Arroyo presents information about the grant to a cohort of women entrepreneurs Wednesday at the CNMI Women’s Association office on Capital Hill.
