_edited_edited_edited.png)
Program Purpose & Goals
The Mind Your Business SAVE Program, which stands for Support, Assist, Value, and Edify, is designed to uplift and strengthen small businesses in our community. Its purpose is to provide limited, one-time financial relief through grants, not loans, to small, independent businesses facing significant and unforeseen hardships. Because these funds do not require repayment, the program offers meaningful support to help businesses remain open and sustainable. By doing so, it not only encourages local business owners but also supports the broader economic development of the area by preserving jobs and maintaining a diverse range of goods and services that attract residents and visitors alike. As a one-time relief effort, businesses are eligible to apply for this grant program only once.
Eligibility Requirements
To be eligible for the grant, a business must meet all the following criteria:
Business Status
-
Must be an existing, legally registered business and in good standing with the relevant federal, state, and local authorities.
-
Must be in operation for at least 12 months.
-
Must be physically located and operating within the designated service area. Service area for this program shall be Choctaw County and be an active member of the Hugo Area Chamber of Commerce
Business Type
-
Size: The business must be a small business as defined by the Small Business Administration (SBA) standards for its .
-
Ownership: The business must be independently owned and operated.
-
Exclusions for businesses are gambling, bars, and marijuana stores.
Financial Criteria
-
Businesses must demonstrate a direct financial hardship or unexpected expense that significantly poses a risk to continued operations.
-
Applicant must provide evidence that the requested assistance will directly stabilize or sustain business operations.
Qualifying Hardships
Funds are intended to address sudden and severe financial distress caused by specific qualifying events. Qualifying hardships include, but are not limited to:
-
Natural Disaster: Damage from fire, flood, tornado, or other natural disaster that is not fully covered by insurance
-
Catastrophic event: A significant event that results in physical damage to the business premises or critical infrastructure
-
Sudden loss of revenue: A sharp and unexpected drop in business revenue due to circumstances outside the business owner’s control
-
Owner or key employee medical event: A serious illness, injury, or death involving the owner or a key employee that impacts the business.
Expenses
Eligible Expenses
The program may provide one-time payment assistance for the following types of business expenses:
-
Rent or lease payments for business property. Maximum Payment $500.00
-
Utility bills (electric, water, gas, internet). Maximum Payment $250.00
-
Payroll Costs. Maximum Payment $1,000.00
-
Vendor invoices that are critical to operation. Maximum Payment $1000.00
-
Essential equipment repairs and replacement. Maximum Payment $1,000.00
-
Physical assets. Maximum Payment $500.00
-
Insurance Deductible due to a catastrophic event Maximum Payment $1000.00
Ineligible Expenses
-
The following are not eligible for assistance under this program:
-
Owner’s personal expenses (e.g., mortgage, personal vehicle, household utilities).
-
Acquisition of real estate or new construction.
-
Pre-Existing debts not tied to current business operations.
-
Luxury or non-essential purchases.
-
Taxes, fines or penalties.
-
Donations, lobbying, and political campaigns
-
Inventory
-
Equipment purchases not included in the original purchase agreements
Application Process
The program shall have a fair and transparent application and review process
Application Submission
-
Applicants must complete the official Mind Your Business – SAVE Program Application Form and submit the application and all required documents to the Hugo Area Chamber of Commerce. Application can be requested by email or in person and submitted by email or in person.
-
The following documentation is required:
-
Business license/registration.
-
Proof of current operation (e.g., sales records, tax return).
-
Financial statements (e.g., tax returns, profit and loss statements).
-
Explanation and evidence of financial hardship and its impact.
-
Copy of bill to be paid.
-
A statement detailing how the grant funds will be used.
Review & Approval
-
A designated impartial committee will review all applications and recommend awards based on established criteria. This committee is made up of 10 volunteers from local businesses. For each approval process there shall be no less than 5 committee members to approve the grant.
-
Eligible applications will be forwarded to the Program Committee for review.
-
The Program Committee will make final approval or denial decisions based on program guidelines and available funding
-
Funding limits: The maximum grant amount awarded to a single business will not exceed $1,000.00. This limit ensures funds are available to as many eligible businesses as possible.
-
Applicants shall be notified in writing of approval or denial within fifteen (15) business days of submission. Upon approval, the grant recipient will be required to sign an agreement outlining the terms of the grant program. Funds will be disbursed as a one-time payment.
-
Applicants who have a significant emergency can have priority over other applicants depending on the need
-
Approval contingent upon 5 hours of Technical Assistance Training geared to the area of hardship need. Training can be online or in person and will be designated by the SAVE program approved training. Proof of training will need to be submitted to Hugo Area Chamber of Commerce within 30 days of receiving funds.
Payment Process
-
Payment is issued directly to vendor/creditor whenever possible.
-
One-time maximum assistance amount of $1,000.00 per grantee.
-
Documentation of payment maintained in file.
-
Post-award reporting: Grantees will be required to submit documentation, such as receipts or invoices, demonstrating how the funds were used.
Limitations & Restrictions
Limitations & Restrictions
-
Only one payment per business.
-
Assistance contingent on available funding and are not guaranteed.
-
No guarantee of approval; subject to application review. No business has entitlement to a grant, and all awards are made at the sole discretion of the program administrators.
-
All terms are subject to change at the sole discretion of the SAVE committee and are not final until confirmed in a written agreement.
Confidentiality & Recordkeeping
Confidentiality & Recordkeeping
• All application and financial records remain confidential.
• Files remained for at least 7 years.
• Compliance with grant/funder reporting requirements, if any.
Appeals Process
Appeals Process
• There are no appeals process for grant decisions
Monitoring & Accountability
Monitoring & Accountability
• Program staff to verify accuracy of application materials.
• Annual reporting on program outcomes (e.g., number of businesses assisted, total funds disbursed).
Termination of future Assistance
Termination of future Assistance
-
Grantee may be refused further assistance if:
-
Fraud or misrepresentation is discovered.
-
Funds are misused for ineligible expenses.
-
Program Oversight
Program Oversight
-
Program shall be a committee under the Hugo Area Chamber of Commerce.
-
Committee shall report to the Hugo Area Chamber of Commerce Board monthly.
-
Committee shall do a Periodic review of policies and procedures for updates as the program grows.
-
Committee shall have its own bank account under the Hugo Area Chamber of Commerce umbrella and a separate program listed in the Chamber QuickBooks.
-
Committee shall provide a list of sponsor levels and ideas for fundraising for the monetary donations to be given out.