Economic Development Program Highlights

Business Assistance Loan

This program stimulates small business investment and job creation by providing a loan that fills the gap in financing needs or down payment requirement in order to purchase a commercial property for the business to operate.

 No loan approvals during the quarter; one application declined

 $26,627 expended with $280,777 available for direct loans and program delivery costs

Small Business Development Grant- CDBG

Matching grant program that offers funding up to $10,000 to assist with the further development of the small business that creates/retains jobs.

 Program not funded this program year with CDBG funds due to the availability of ARPA funds

 A grant client approved during the 4th quarter of the prior program year reported a total of 13 jobs created

 Pending benchmarking and best practice review, it is anticpated that this grant will no longer be offered by the City of Fayetteville.

Commercial Exterior Improvement Grant

Matching grant program that offers funding up to $20,000 to encourage and assist with exterior improvements of commercial properties in any of the city’s qualified census tracts.

 This program will be amended to ensure compliance with Envrionmental Review Requirements and benchmarked against other Cities in North Carolina.

 The program was not funded this year with CDBG funds due to the availability of ARPA funds

 Two grant projects approved during the prior program year were completed during the quarter; 3 jobs retained

 $24,999 expended in matching funds

ARPA Small

Business Relief Grant Program

American Rescue Plan Act(ARPA) funds were approved by City Council to support small businesses The City of Fayetteville is offering small business grants for those businesses who need pandemic recovery support. Funds can be used to offset financial hardships from the pandemic and to improve storefronts.

 Small Business Development/Retention Grants: 14 approved

 Commercial Corridor Improvement Grants: 18 approved

 140 applications were received during the quarter with 32 approved applications totaling $1.5M; $422,000 was expended during the quarter with $1,078,000 remaining

 In October, applications were closed to evaluate demand and ensure the City did not overcommit funds.

ARPA Childcare Assistance Grant Program

City Council has partnered with the Partnershp for Children to provide retention and recruitment bonuses to aid in the staffing of qualified childcare centers.

 $1M has been allocated for childcare assistance for development and retention bonuses in partnership with the Partnership for Children

 Contract being finalized and will be routed soon for signatures

ARPA Workforce Development Programs

 $1M allocated for Workforce Development with projects to begin in the 3rd quarter.

Small Business Retention Grant – Covid19 Recovery

Grants up to $10,000 are available to eligible small businesses that have unmet recovery needs due to the pandemic.

 No activity during the quarter due to the availability of the ARPA funds

 Approximately $9,000 available to grant to eligible businesses

Job Skills Training Sponsorship Grant

This program offers a sponsorship grant up to $500 per eligible student in numerous areas of training at FTCC that can result in a new or improved employment opportunity.

 Fifteen sponsorship grants approved; 12 in Cumberland Grow graduation class that is an 11-week trade course for people who have been incarcerated for nonviolent crimes

 $4,222 expended; $27,778 remaining budget

ServiceSource

Warrior Bridge Program that provides employment assistance and job placement for veterans

 29 veterans assisted with employment services; 10 received a job and 16 maintained their jobs

 No funds expended; $10,000 budgeted

Veterans Bridge Home

Connects veterans with one another and provides employment support services

 21 veterans assisted; 10 received a job and 10 maintained their jobs

 No funds expended; $10,000 budgeted

Cumberland Residential and Employment Training (CREST)

Employment services and training for those with developmental disabilities

 3 people were served; 2 received employment and 1 received on-the-job training

 No funds expended; $10,000 budgeted