Applications are being accepted for Dayton's First Floor Funding.
The funds are available to startups and existing businesses seeking to occupy or expand on the first floor of a commercial building in Dayton’s neighborhood commercial corridors or downtown.
Funds can be used for:
- new and/or used machinery and equipment;
- building renovations;
- tenant improvements;
- furniture and fixture purchases; and
- installation and permanent working capital.
All eligible uses must further the city’s goal of storefront activation in vacant or underutilized spaces.
“First floor business owners play a major role in the vibrancy of our city,” said Dayton City Manager Shelley Dickstein. “They help create more walkable places and provide the amenities employers and residents want and spur developments and investments in our neighborhoods.”
A business plan, financial forecasting model and other documents are among the things needed to apply.
The full list of necessary documents is on the last page of the application that’s available online or in the lobby at CityWide Development, 8 N. Main St., Dayton, OH 45402.
The application fee is $250 and must be paid at time of submission.
A five-person committee of local business leaders and residents will review and approve the applications on a rolling basis.
Qualifying borrowers are eligible for both primary and forgivable loans for up to 70% of project costs.
Primary loans range from $50,000-$300,000, or no greater than 50% of the total project costs.
Business owners approved for a primary loan may also qualify for a forgivable loan not to exceed $50,000 or 20% of the total project costs, whichever is less.
Loan terms cannot exceed seven years.
Applicants approved for primary loans will be notified if they qualify for a forgivable loan.
Business owners who need less than $50,000 may also qualify for funds.
CityWide is handling the underwriting, administration, management and oversight services for First Floor Fund.
The funding was provided through the Dayton Recovery Plan as part of its $10.8 million Economic Recovery Initiative that focuses on projects and investments that address economic disparities and incentivize additional development and economic activity.
Since 1972, CityWide has served as a nonprofit organization with a mission to strengthen Dayton through strategic economic and community development. CityWide develops programs and services to address Dayton’s need for economic growth and viable, attractive neighborhoods. For many years, its core services have focused on providing gap financing to attract and expand business development in the region; support development of large-scale neighborhood revitalization efforts and engage in catalytic real estate development.
CityWide achieves its mission through three major program areas: Economic Development, Community Development and Revitalization, and Downtown Real Estate Development. Visit citywidedev.com to learn more.
