The intent of this Notice of Funding Opportunity (NOFO) is to announce a request for applications for the Guam Economic Development Authority’s (GEDA) programs related to business development and to provide information for interested parties.
PROGRAM OBJECTIVEThe GEDA Growth Accelerator Program (GAP_ is intended to support entrepreneurship programs that foster the growth and expansion of existing small businesses on the island. The program will provide eligible service providers with additional resource capital grants to enhance or expand their existing entrepreneurship training program (ETP). GEDA seeks innovative program proposals that support underserved entrepreneurs and promotes the growth and global competitiveness of existing small businesses through business support, services/training and direct micro-grants. Further, selected grantees will qualify to serve as GEDA-approved GAP service providers for additional direct business development programming offered by GEDA.
- GEDA expects a total of $1,000,000 to fund the resource capital grants under this NOFO utilizing federal and local funds and are subject to the availability of funds.
- Applications are accepted on a continuing basis and processed as received until the utilization of all funds allocated for this NOFO.
- GEDA anticipates making one (1) to three (3) awards under this initiative.
ELIGIBILITY INFORMATIONApplicants must have a history of delivering business-related services and incubating successful small businesses and can meet all of the following conditions:
- Registered as Guam nonprofit organization (NPO) for at least a year at the time of application submission;
- Has an existing entrepreneurship training program (ETP) with a minimum of 40 hours required of program participants;
- Has a proven track record of incubating sustainable businesses and can submit a list of program "graduates"; and
- Provides one-on-one business counseling and mentorship services
PROGRAM PRIORITIESProposals must demonstrate the applicant's ability to meet one or more of the following GEDA priorities:
- Job Creation
- Revenue Creation
- Export Readiness/Expansion
- Access to Capital and Financing
- Sustainable Business Model
- COVID-19 Pandemic Business Adjustments
- Underserved Entrepreneurs, including Minority Business Enterprises, Women-owned or Veteran-owned Businesses
ALLOWABLE USE OF FUNDSGEDA reserves the right to determine what costs are allowable and unallowable. The following is a general guide on allowable and unallowable costs:
- Unallowable Costs
- Accommodations costs (i.e., hotels, short term vacation rentals, bed and breakfasts)
- Conference attendance costs
- Off-island travel
- Allowable Costs
- Advertising, publicity, promotion, marketing, printing and publishing costs
- Administration (i.e., communications, postage and stationary expenses)
- Document preparation or printing
- Training costs provided to program participants
- Micro-grants awarded to program participants for the purpose of financial assistance for the following:
- Design of marketing media (print/digital advertising)
- Product packaging and labeling
- Trade show exhibition
- Purchase of equipment to increase production
- Building or enhancement of website or e-commerce platform
CONDITIONS & REQUIREMENTS
- Notice of potential disclosure under Freedom of Information Act - Applicants should be advised that identifying information regarding all applicants, including applicants name and/or points of contact, may be subject to public disclosure under the Freedom of Information Act, whether or not such applicants are selected for negotiation of award
- Program must be able to be completed within twelve (12) months after the grant is awarded. Unused funds must be returned to GEDA.
- Applicant must demonstrate a matching share of 25% (cash or in-kind or a combination)
- Program Proposal must focus on supporting existing local businesses that have been in operations for at least a year at the time of program participation
- Grantees must publicly acknowledge that the selected project/program is "funded in part through a grant with the Guam Economic Development Authority"
- Grantee must provide a certification of completion of entrepreneurship training for program participants, including a review and approval of their business plan
- Grantees must utilize 75% of grant funds for the purpose of awarding micro-grants to selected eligible program recipients.
- Grantees must provide continued one-on-one business counseling and mentorship services for micro-grant awards recipients throughout the grant cycle
- Grantees must retain a record of all invoices, receipts and expenditures for approved budget plans of all micro-grant award recipients
- Grantees must organize an award ceremony for program participants in collaboration with GEDA and the Office of the Governor
- Grantees shall submit a final program report at the end of the twelve (12) month period
- GEDA reserves the right to include additional conditions and requirements including, but not limited to, progress and financial reports
- Date [Date of application submitted]
- Organization [Legal name of the organization submitting proposal]
- Funding Request Amount
- Year Founded
- Address [The organization's primary address]
- Tax ID number/Certification [Copy of 501 Certificate, by-laws, and most recently filed Form 990]
- President/Executive Director
- Point of Contact [Primary organization contact]
PROJECT DESCRIPTIONFully describe and explain the proposed program, including:
- Start and end date with a project timeline;
- Demand and strong interest for proposed program;
- Description of the implementation and operation of the proposal; and
- How the proposal will expand on the applicant's existing business development program and specifically support existing businesses
ORGANIZATION CAPACITYDemonstrate the organization's experience and qualifications to carry out the proposal, including:
- Organization background emphasizing the applicant's experience in supporting small businesses;
- Organizational structure;
- Description of existing entrepreneurship training program (ETP); and
- Proven track record of incubating sustainable businesses and a list or program "graduates"
- Total Program Budget
- Represents how much the program will cost and how the money will be used. If the proposed program includes other funding, identify all sources and amounts
- Must demonstrate a matching share of 25% (cash or in-kind or a combination)
- Program will be funded by issuance of a grant agreement
- The grantee shall obtain prior approval for any budget or program revisions
PROGRAM GOALS AND OBJECTIVES
- Demonstrate how the proposal supports GEDA's program priorities; and
- Defined specific measures and goals that are realistic and attainable within the program's twelve (12) month period
APPLICATION FORM SUBMISSIONApplications should be submitted electronically to [email protected]. Only completed applications with required supporting documentation will be considered. Applicants will be accepted on a continuing basis and processed as received until the utilization of all funds allocated for this NOFO.
EVALUATIONThe application is initially screened by GEDA staff and prepared for review by the Evaluation Committee. Evaluation Committee Members include at least one (1) manager from GEDA, and at least two (2) GEDA non-managerial staff. The GEDA CEO/Administrator has the discretion to include additional relevant stakeholders to the Evaluation Committee. Completed applications will be evaluated and ranked according to the following criteria:
- Program Description
- Organizational Capacity
- Program Budget
- Program Goals and Objectives and Alignment with GEDA Priorities