It was 2008 the last time
The Merchants Fund partnered with the
Department of Commerce to offer
ReStore Retail Incentive Grants for upgrading or establishing retail along neighborhood commercial corridors. West Philly's
Mariposa Food Co-Op was one of the lucky recipients, successfully utilizing the funds to fill financial gaps and make the project a reality. Since opening, the Baltimore Avenue grocery has quintupled in size, created 30 jobs, remediated a food desert and helped stabilize a commercial corridor. That same level of success is what The Merchants Fund is after with their next round of grants; a Request for Proposals opens August 14.
According to Patricia Blakeley with The Merchants Fund, this year's round of grants is "more of the same" -- applicants must have at least two primary partners: a community non-profit and a future or current retail business owner or arts organization (for-profit or non-profit). Grants of up to $50,000 are available.
"We're looking for shovel-ready projects," explains Blakeley. "We want to sweeten the pot so projects can be completed by summer 2014."
To accomplish that, the ReStore Grants are being offered in tandem with a new program called InStore, a
Department of Commerce and
Office of Arts, Culture, and the Creative Economy forgivable loan program designed to help businesses with interior improvements. The retail locations must serve a low-to-moderate income population to qualify for the $15,000 to $50,000 grants.
In total, the two programs are offering $800,000 to help establish high-quality retail, encourage business attraction and aid commercial expansion in Philly neighborhoods. While some recipients could potentially benefit from more than one grant, Blakeley says the money will be divided up in a fair and strategic way.
"We haven't figured out the details of who will fund what, but we want to reach all corners of the city," she explains.
A briefing about the two programs will be held on at 10:30 a.m. Wednesday, August 14 at 1515 Arch Street, 18th Floor, City Planning Room (18-029).
Source: Patricia Blakeley, The Merchants Fund
Writer:
Greg Meckstroth