Source: Laura Flugga / Getty
Downtown Raleigh Alliance offers this grant program to incentivize and attract new retail, restaurant, and service businesses, aid in the expansion of existing retail businesses, direct support to strategic areas, accommodate pop-up uses that may convert to long-term tenants, better support minority and women-owned businesses, and ultimately drive a healthy and strong storefront economy in Downtown Raleigh. MORE DETAILS HERE
The program is specifically intended to help businesses with upfit and one-time standup expenses.
This funding opportunity offers reimbursement grants of up to $15,000, depending on location and business use. Businesses that are 50% or more Minority- or Women-owned (MWBE) may apply for an additional $2,500 in funding via the MWBE Booster.
Grant applications will be processed by DRA staff upon receipt and reviewed for approval by DRA staff and an external review committee on at least a quarterly basis. Application submission deadlines and tentative committee review calendar are listed below. Final approval and grant agreement will be issued by DRA staff.
Program Objectives:
- Attract new businesses that provide needed/desired services or products within downtown to address demand of residents, employees and visitors, as well as increase foot traffic and create a viable commercial core.
- Stimulate private investment in retail within downtown through property improvement, business development or expansion.
- Contribute to the overall value of downtown by encouraging more retail, restaurant, and service businesses, which makes downtown a more vibrant, sustainable, livable place and adds value to other businesses and investments in downtown.
- Provide additional resources, access, opportunities, and pathways to entrepreneurship for minority-and-women-owned businesses.
- Direct additional attention and assistance to areas of downtown in need of more targeted, storefront-level, economic development support.
Program Details:
Grant funding provides financial assistance for renovations, improvements, and build-outs of existing spaces and stand-up expenses associated with starting or expanding a business in downtown.
The funding opportunity is geographically tied to business type, and competitiveness of application. Businesses that are 50% or more Minority- or Women-owned (MWBE) qualify for additional funding. With maximum funding available per eligible business of up to $15,000. A 50:50 funding match is required for reimbursement amounts over $7,500.
MWBE Booster:
- Businesses that are 50% or more Minority- or Women-owned (MWBE) may apply for an additional $2,500 in funding.
Eligibility Areas (Please refer to map):
Priority Area (Green): Retail, Restaurant, Service and Pop-Up uses
- Funding eligibility is up to $15,000 (including MWBE booster of $2,500 if eligible)
Overall Grant Eligibility Area (Blue): Retail uses
- Funding eligibility is up to $7,500 (including MWBE booster of $2,500 if eligible)
Eligibility Requirements:
- A business license is required.
- Eligible business uses include but are not limited to retail, restaurant, experiential, and service. (For purposes of eligibility, experiential will be considered a subset of service).
- For pop-up businesses, a minimum three-month lease commitment is required.
- The proposed location must be storefront space inside or on the boundary of the map depicted above.
- Storefront spaces on the “out-of-bounds” side of the streets that are used as boundary lines will be considered eligible. A storefront space being “on” a boundary street will be determined by the location of the primary customer entrance to the space from the street.
- Retail uses are eligible within the entire grant boundary area.
- Restaurant and service uses are limited in grant eligibility to be within the smaller targeted area.
- Pop-up concepts (as defined by an intended duration or lease commitment of less than one year) are only eligible in the priority area boundary.
- Professional office and bar uses are explicitly ineligible (bar being defined as a business concept where 70% or more of projected or actual revenue is derived from onsite alcohol sales and consumption).
- Brewery and distillery concepts with onsite production are excepted from the 70% definition and are explicitly eligible.
- Creative concepts that add new products or services to downtown are encouraged.
- Final eligibility determination is subject to DRA staff review.
Eligible Expenses:
- Hard costs to physically upfit space
- Soft costs associated with design, construction and execution
- One-time standup expenses*
- *Eligible standup expenses must directly relate to the business concept or be an essential expense of the business model. Consideration and approval is at the discretion of DRA staff and the review committee.
- Regular operating costs and recurring expenses are ineligible
EXAMPLES OF ELIGIBLE STANDUP EXPENSES:
- Furniture
- Shelving
- Signage
- POS system
- Paint
- Lighting
- Decor
- Displays
- Etc.
EXAMPLES OF INELIGIBLE EXPENSES:
- Rent
- Utilities
- Payroll
- Packaging
- Regular cleaning supplies
- Office supplies
- Subscription fees
- Cost of Goods Sold (COGS) expenses
- Inventory
- Etc.
Competitiveness
- Locally-owned and independently-owned businesses will be given funding priority
- The ratio of grant funding applied for to overall project cost will be considered as a measure of relative competitiveness in funding rounds, i.e. the level of matching private investment being proposed relative to the level of the grant request.
- Thoroughness of business plan and description of planned upfit expenses and standup expenses
Available Funding
The total pool of Storefront Upfit Grant funds that may be awarded in FY23 (June 2022 through July 2023) is $90,000. At this time, the remaining available funding in this grant program for FY23 is $57,500.
Source: R1 / other
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Need Grant Money For A Business In Downtown Raleigh? was originally published on foxync.com
