Gov. Kathy Hochul’s administration has authorized $5 million in state grant funds to support small business development in the City of Niagara Falls.
Hochul’s office announced early Friday the availability of applications for the Niagara Falls Small Property Improvement Program, which will provide grants of up to $100,000 to cover up to 50% of total project costs for small business owners looking to “foster revitalization of traditional mixed-use business districts.”
The program specifically targets small business growth along Pine Avenue, Main Street and Portage Road in the city.
The program is made possible through a public-private partnership with the Ralph C. Wilson Jr. Foundation and other private funders, according to Hochul’s office.
In a press release, Hochul characterized the City of Niagara Falls as “on the rise again,” thanks to the “collaborative approach to bolster the key commercial corridors” in the city.
“These small business grants will help to continue the steady revitalization of downtown Niagara Falls by improving the business climate, increasing mixed-use opportunities, and breathing life into empty storefronts,” Hochul said.
Funds for eligible small business and property owners applying for the program can be used for commercial improvements such as facade restoration and other mixed-use building upgrades. Eligibility is based, in part, on whether a business is located within the designated program district. The program is funded through the Regional Revitalization Partnership, a $300 million private and public regional co-investment in three interconnected geographic areas: Buffalo, Niagara Falls and Rochester.
The total state investment for this program is $3 million with the Wilson Foundation and other philanthropic and corporate entities committing to contribute the remaining $2 million toward the total funding amount, to be used for both capital grants and operational support of NFC.
Other private partners identified by Hochul’s office as being part of the Regional Revitalization Partnership include the Farash Foundation, ESL, KeyBank/First Niagara Foundation, M&T Bank and partners in the cities of Buffalo, Niagara Falls, and Rochester.
Hochul’s office said the program is modeled after the New York State Main Street program and will be tailored to better facilitate the business participation in target areas.
The NFC Development Corp., an entity within the city that provides loans and other forms of assistance to businesses in the Falls, will administer the program.
Hochul’s office indicated that grants provided will fund upgrades to buildings and properties located within target areas; and individual awards to small businesses and property owners may vary in scale and cost based upon particular project needs and eligible components. NFC will be responsible for specific target areas, including Pine Avenue, Main Street and Portage Road while USA Niagara Development Corp., a subsidiary of the state’s lead economic development agency, Empire State Development Corp., will staff activities in the target areas in which USAN is currently undertaking economic development activities, such as within USAN’s Downtown Development District.
“The Niagara Falls Small Business Property Improvement Program will help deliver a community-driven economic transformation that will not only revitalize businesses but will build a brighter and equitable future,” Falls Mayor Robert Restaino said.
For more information, contact Tanya Zwahlen, from Highland Planning, at https://calendly.com/tanya-zwahlen/nfsbpip orbook an appointment by calling 585-286-7877.