The state launches the Delaware Commercial Corridor Initiative to help small businesses improve storefronts, buildings and operations while revitalizing downtown and commercial districts.
The Delaware Commercial Corridor Initiative pairs targeted grant funding with capital from lending institutions to boost small businesses.
Delaware Division of Small Business Director CJ Bell says to qualify small businesses must be in a qualifying commercial corridor.
"Tier one is to be directly adjacent to a Downtown Development District. As you know, we have Market Street in Wilmington, right? If you are adjacent to that area, you would qualify. If you're not a tier one, then the tier 2 way is the commercially zoned, so looking at your local municipalities comprehensive map. If you are commercially zoned, and you're located in level one or level 2 investment area under that state strategy, plan," said Bell.
The Division of Small Business will invest $4.5 million from the state Strategic Fund. It will also partner with three regional administrators – one in each county – led by a Community Development Financial Institution or financial institution to run the program.
Grants will cover 10% to 25% of a project up to $25,000 per business, and the remaining financing will be provided through private lenders.
Bell says funding will get out the door fairly soon.
"The first round will more than likely happen by the end of September. So we're fairly close to that timeline,” said Bell. “What we wanted to do was put this out as early as possible so existing brick and mortars can figure out their inventory and figure out their plans. So they would be that much more prepared once this application actually opens."
Bell notes the Div. of Small Business will announce when it will open the application window on social media and in its newsletter.
