The City of Durham,
Durham Housing Authority, and the National Institute of Minority Economic
Development (The Institute) has been selected to manage the Durham Choice
Business Retention and Recruitment Fund ('Fund'), which is funded by Housing
& Urban Development (HUD). The Fund will
be managed through the Institute’s affiliate, Institute Capital (ICAP) and is
aimed at revitalizing downtown Durham and addressing long-term disinvestment
while preserving its historical and cultural fabric. The Fund will provide a
combination of grants and loans to existing and new small and minority-owned
businesses located in the Durham Choice target area, with a priority on
businesses located in Hayti. The Fund is
part of a strategy by the City of Durham and the Durham Housing Authority to
support legacy businesses, recruiting new small and minority-owned businesses,
and ensuring that residents have access to the goods and services they desire.
Grants
are between $5000 - $25,000 will be available for façade improvements,
rehabilitation (including environmental remediation), and tenant buildout. Grantees will receive up to 50% of the award upon project approval to cover deposit or retainer costs for vendors. Grantees must provide proof of payment from the vendor. The final payment for services rendered will be made directly to the vendor.
The grant fund is ongoing until funds are
fully disbursed.
The
following documents and conditions are required and can be uploaded in PDF form
in this application.
- Copy
of valid governmental-issued ID for all owners 20% or more
- Copy
of business operating agreement.
- Active
status with the NC Secretary of State
- Must
own or be under a formal lease of a physical store front in the eligible areas. Homebase businesses do not qualify.
- Copy
of an estimate of façade work to be completed
- Copy
of 2023 or 2024 business tax return
Funding
Priorities:
Priority
1: Existing businesses who are currently located in Hayti or the Durham Choice
target area. Businesses must have been
in existence at least five years to qualify for assistance under this priority.
Priority
2: Minority and Women-Owned Business Enterprises (MWBEs) who are currently
located or seeking to locate in the Durham Choice target area, which includes
Downtown Durham.
Priority
3: Businesses located at 591 E. Main and Liberty Street and other Durham
Downtown Neighborhood Plan (DDNP) sites.
Priority
4: Small businesses. The Fund will serve existing small businesses (per SBA
definition) operating in the Durham Choice target area or those seeking to
locate in the target neighborhood with the goal of supporting local
entrepreneurship.
To
ensure that businesses flourish, the Fund will couple financial assistance with
a tailored technical assistance program provided by the Institute.
Contact for
more information or questions email funding@theinstitutenc.org