The City of Winston-Salem will support a new initiative to provide grants to start-ups that agree to locate within city limits.
The city council unanimously agreed Monday to provide nearly $900,000 to partially fund the Venture Winston Grants program. The money had been set aside as part of an incentive package for Inmar Inc., but the company elected not to apply for remaining funding and the contract was terminated.
The initiative would provide $50,000 grants to companies that agree to move the majority of their operations to Winston-Salem for at least one year. The grants will be awarded to 20 businesses selected by a committee.
Councilmember Vivian Burke voted to fund the initiative but wants to ensure diversity is a factor in the selection process.
“So when you bring these businesses here, I'm concerned about how many minorities, how many women...and how diverse it will be," says Burke. "And I hope you will keep a record."
Representatives from Venture Cafe, the entrepreneurship non-profit backing the initiative, say they are committed to supporting businesses that reflect the demographics of the community.
Much of the project's funding will come from private donors, though Venture Cafe officials say they'll also ask the Forsyth County Commission to match the city's contribution.