University City Forgivable Loan Overview
The City of University City is pleased to announce a forgivable loan program. The program helps eligible new, local retail and creative for-profit and non-profit businesses purchase equipment and materials associated with establishing a new location.
The Forgivable Loan Program was created in an effort to support the vital mix of businesses that create successful commercial corridors. The Forgivable Loan amount will range from $5,000 to $10,000 per business. The loan does not require payment, and will be forgiven, if the recipient meets the program guidelines for three (3) years.
The City aims to strengthen the role of new businesses as economic and social anchors which provides goods and services to the community. In addition the City wants to grow its local-based businesses that create new jobs, add business diversity to current business corridors and expand economic development opportunities.
A limited number of projects will be approved through this program. Proposals will be evaluated based on the following funding priorities:
On Delmar Boulevard: Increased foot traffic to a commercial corridor by improving the retail mix with a new business that meets an identified, unmet need for goods or services. On Olive Boulevard: A local, non-chain retail, restaurant, or creative profit or non-profit that improves the diversity of services and occupies a vacant property.
Financial feasibility of the project and equity investment from the applicant
Impact on job creation
Additional information about the program and an application, can be found HERE