grants
It’s the Right Time to Look Downtown
With over twenty new businesses that have opened since January and new condos, this is the time to look at living or opening a business downtown. Several new businesses will be opening this year including Pierro’s Express and Wet Willie’s Daiquiri Bar and Restaurant. There are several small business resource groups that are willing to help with opening up your own business including CEED, The Center for Economic Empowerment and Development, formerly known as The Women’s Center of Fayetteville, located at 230 Hay Street, and the Fayetteville-Cumberland County Chamber of Commerce in Haymount.
The City of Fayetteville is also committed to Downtown Fayetteville and has designed programs to offer economic incentives for investment in the district. These programs help encourage the restoration of facades through rehabilitation, offer loans for small business owners investing in our community and jobs. Through the City’s Community Development department, three programs are offered including the following:
Facade Improvement Grant Program
This program is designed to promote the revitalization of facades of active, for profit businesses through the rehabilitation of commercial building exteriors and landscapes. This effort benefits Fayetteville by removing blight, expanding the tax base and increasing the economic vitality of Downtown Fayetteville and redevelopment plans areas. An eligible business must be located within the identified boundaries and meet all program requirements. The City of Fayetteville will provide a matching reimbursement grant up to $5,000 for each facade renovated.
Downtown Loan Program
Loans are available from $50,000 to $300,000 for relocating and expanding businesses that wish to construct, acquire or renovate commercial properties in the downtown area. The partnership between the City of Fayetteville and local banks has resulted in an attractive interest rate for qualified applicants and relocating and expanding businesses located in the specified geographic boundaries of the downtown loan area are eligible to apply for the program.
Business Assistance Program
The City of Fayetteville established the Business Assistance program to stimulate small business investments within the city limits, to create new services and retail business to redevelopment areas and to create jobs. The Business Assistance Program provides funding to assist the small business owner with the additional equity needed in order to qualify for primary financing. The City of Fayetteville’s loan works in conjunction with a primary loan from a bank or approved lender.
For more information on these programs, please contact Michelle Haire, Economic Development Administrator for the City of Fayetteville, at 910-433-1596. For further information on available properties and residences and contact information for agents and property owners, call 910-433-1599.