The Town of Chapel Hill Economic Development office has launched the Downtown Small Business Relocation Grant Program.
Donor Name: Town of Chapel Hill
State: North Carolina
Town: Chapel Hill
Type of Grant: Grant
Deadline: 08/30/2023
Size of the Grant: $20,000
Details:
The Town of Chapel Hill (The Town) has unallocated ARPA funds to direct towards economic development activities benefitting Chapel Hill-based businesses and has partnered with The Chamber for a Greater Chapel Hill-Carrboro (The Chamber) to administer and market this grant program. This program offers grants to small businesses occupying storefronts in Downtown Chapel Hill facing relocation due to redevelopment. Grant funds may be used for revenue-generating space improvements, moving/relocation costs, lease payments, and down payment assistance for the purchase of commercial space.
The redevelopment of Rosemary and Franklin Streets and the retention of local businesses is crucial to maintaining an economically strong Downtown; a commercial area where the image, appearance, and environment encourage walkability and attract shoppers.
Recognizing that small, local businesses are crucial to the cultural fabric of a community, this grant program is intended to help Downtown storefront businesses mitigate the impact of redevelopment on economically viable local businesses. The purpose of the Small Business Relocation Grant Program is to help reduce the costs of physically moving an existing Downtown business to a new location in the Downtown.
Funding Information
Grant awards shall be disbursed in increments of $20,000, not to exceed a total of $100,000 per recipient. Award amounts will be based on demonstrated need, with funds dispersed as reimbursements, except as otherwise noted.
Eligible Expenses
- Down Payment Assistance for Property Acquisition
- Rent Assistance– To be determined by base commercial rent, not to exceed $50,000 over a 12-month period.
- Improvements & Other Space-Related Needs – Including facility improvements, architectural or project plans, and relocation-related expenses. Such expenses may include:
- Moving costs
- Facility rental
- Connection and transfer of new utility services
- Installation costs of equipment required for the business, but not the equipment itself
- Interior remodeling of new location
- Exterior signage
- Professional, engineering, and/or architectural plans and permit fees
Eligibility Criteria
Eligible businesses must be a for-profit business, physically located and operating within Downtown Chapel Hill, with no more than 50 employees (FTE) and revenues less than $5M. Franchises are only eligible if franchisee is independent.
For more information, visit Town of Chapel Hill.
