Irmo Town Council unanimously approved the first reading of an ordinance that would provide grants for small businesses. 

Town Administrator Jim Crosland told council members the economic development grant program would help small businesses get off the ground, as well as recruit and retain new businesses within town limits. 

“The Town of Irmo was built on small businesses, and small businesses are an [integral] part of us,” he said during the presentation.

The public document states that small businesses are described as having 10 or fewer employees. The grant would cover 100% of the annual license fee for years one through three and 50% for years four and five.

Any business constructed on land annexed into town limits within five years of the ordinance’s adoption would be eligible to receive the grant. Businesses established within an economic development target region designated by the town council would also qualify. 

Certain businesses would not be eligible for the grant, including liquor stores, cigarette, tobacco and vape shops, storage facilities, car washes and gas stations. 

“Businesses which engage in the above industries as a portion of a larger, general retail operation are eligible for the economic development incentive grant. For example, a grocery store which sells alcohol, cigarettes, and has an affiliated out-parcel gas station with a car wash would be eligible for this incentive,” the document states.

While the grant would cover business fees, other applicable taxes, including hospitality tax, local option sales tax, accommodations tax and more must be paid by the business. 

A second reading will take place at a later date. 

Council members will meet on Tuesday, Oct. 7, at 6 p.m. for a town council workshop at the Irmo Municipal Building, located at 7300 Woodrow St. in Irmo. 

The next regular council meeting is Tuesday, Oct. 21, at 6 p.m., at the same location.