Laserfiche WebLink
credit unions, and CDFIs who will support these individuals. Consider creating materials <br />in English and in Spanish. <br />Expand access to existing financing programs like IRF for smaller projects. Work <br />with leaders of the networking groups and meetups for small-scale manufacturing (and <br />other small businesses) to present the programs, educate more business owners about <br />how to apply to use the funds for building improvements or infrastructure, and <br />understand what barriers these owners may face that prevent them from applying <br />today. Although the IRF may be used for loans from $5,000-$50,000, it is primarily <br />uses for larger loans. The City may choose to provide a set of smaller loans, even <br />though the processing time required is the same as the larger loans, in an effort to <br />direct more of the funding to underrepresented populations. <br />Interview additional business owners —both supply chain (selling pieces to larger <br />businesses) and consumer -focused (consumer products for wholesale or retail) <br />to understand what kinds of financing they would consider. Anecdotally, the team <br />learned that Latino business owners may be paying higher fees on loans because they <br />do not trust the primary banking system. Additional interviews suggested that <br />consumer product businesses are not accessing bank loans because they may need <br />too small of a loan or they are considered "high risk" because the bank is not familiar <br />with their type of business. <br />Finance commercial real estate purchases for owner -occupied commercial <br />properties. A number of local product business owners expressed interest in buying <br />local real estate while it is still affordable. This investment in a neighborhood or in <br />downtown can allow that business owner to benefit long-term from the city's <br />redevelopment as property values increase. It also allows the business to control their <br />cost of space in a changing market. This funding may be supported as a pilot program <br />through the existing IRF or TIF funds, or as part of a City -led Opportunity Fund. <br />service or storage back to retail <br />use. <br />Fund the costs of build out <br />for local small businesses in <br />target locations. This can be <br />an expansion of the existing <br />f aide andinterior <br />improvement grants offered b <br />DTSB to reach the core of <br />Sample Street (both sides of the <br />street) and allow the City to <br />support small business exactly <br />12 <br />