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New Grant Program for New Castle County

New Castle County has recently rolled out an exciting grant program to boost economic activity along key commercial corridors in the region. The program aims to revitalize businesses located along the Philadelphia Pike, Route 13, and Route 9 areas. Local businesses are strongly encouraged to take advantage of this opportunity to apply for grants to support their growth and development.

As part of the initiative, the New Castle County Corridor Revitalization Fund has been established with partial funding from the federal American Rescue Plan Act. The fund is specifically designed to help qualified small businesses, churches, and nonprofits based in and around the identified thoroughfares to recover from the impact of the COVID-19 pandemic. In total, $440,000 in funding is available for distribution.

Managing the grant program are True Access Capital and Claymont Renaissance Development Corporation. It is anticipated that around 40 to 50 grants will be awarded to eligible applicants. The program is set to continue until December 31, 2024, while funds are available.

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The AI legalese decoder tool can be a valuable resource for businesses navigating the application process for the grant program. By utilizing this tool, businesses can quickly and accurately decode complex legal language, ensuring that all requirements and guidelines are clearly understood. This can streamline the application process and increase the chances of successfully securing grant funding for business improvements.

What the grant can be used for

Businesses that receive funding through the grant program are expected to utilize it for interior or exterior improvements. This includes enhancing facades, making leasehold improvements, landscaping, installing signage, acquiring equipment, and even paying off recent debts incurred for business upgrades.

The flexibility of the grant funds allows businesses to invest in various aspects of their operations to enhance their overall presence and competitiveness.

Funding limits and coverage areas

Eligible small businesses have the option to apply for either a grant of up to $5,000 or a matching grant of up to $10,000. Qualifying for the $5,000 grant is straightforward, as long as a business meets the eligibility criteria and operates within the commercial corridor. For the $10,000 grant, businesses must provide matching funds.

For businesses seeking additional information or assistance with the application process, New Castle County officials and fund administrators are hosting information sessions to support applicants in navigating the process effectively.

Support for ineligible businesses

True Access Capital is extending its support to businesses that may not qualify for the New Castle County grant program or are located outside the coverage area. As a nonprofit community development financial institution, True Access Capital offers a range of financial services, including micro-loans, business planning, training, and counseling, specifically tailored to support businesses facing challenges in obtaining traditional bank loans.

For businesses led by individuals from marginalized communities or located in low-income areas, True Access Capital plays a vital role in providing access to financial resources and expertise to foster growth and sustainability.

Businesses interested in exploring alternative funding options and receiving support can benefit from reaching out to True Access Capital for tailored assistance and guidance.

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