August 27, 2014
By Bob Coleman
Editor, Coleman Report
Not wanting to be only overrun with the big box stores on the outskirts of town, cities are putting money into small businesses to revitalize Main Street and to build up an economic tax base that is aesthetically pleasing to the community.
Check out Columbia, South Carolina.
Four or more businesses will be awarded up to $50,000 each in 10-year loans in an initiative dubbed the Main Street Capital Program. The loans will be forgivable after five years, meaning if a business makes all its loan payments and stays in operation, the loan balance will be deleted after the first five years.
Adds a city official, “We’re really looking to encourage eateries, apparel and accessories, home decor, furnishings and art and culture kind of establishments.”
“That’s important because retail plays a major role in attracting people to the city center and contributing to the overall economic vitality of our city,” says another. Read More