ReStore Retail Incentive Grants

Posted by on September 14, 2009

It is with great pleasure that The Merchants Fund announces the availability of $500,000 for ReStore Retail Incentive Grants (RRIG) Round 2.  TMF will present a request for proposals on 16 September 2009 at 2:00 pm at the Center for Architecture, 1218 Arch Street.   (Behind the AIA Bookstore)

Grants must have at least two primary partners:  a community not-for-profit who will act as the grant and project manager and a future or current retail business owner.  Not-for-profit companies may be considered but the same stringent tests will be applied to the company especially around profitability, the soundness of the business plan as a commercial endeavor, fulfillment of community plans and return on the investment.  New ventures and existing businesses are equally welcome to apply.

The prime goal of the RRIG is to extensively upgrade or establish new high quality retail in the neighborhoods of Philadelphia.  Identified businesses should fulfill neighborhood development plans.  Businesses must be located adjacent to or on a commercial corridor in a high traffic area.  A strong preference will be given to companies located in low wealth communities, co-located with other businesses to stimulate foot traffic, in transit friendly locations and for the number of jobs which are created and sustained.

It is anticipated that 10 grants of $50,000 each will be made but some partial grants may also be considered.  Grants are intended to pay for capital improvements necessary to fit out a retail space for the identified business. Operating or working capital are not qualified expenses.  The grant process is very competitive and are last dollar grants (dispensed at the end of the project) requiring at least a dollar for dollar match.  Partners (applicant and sponsor) have to demonstrate the ability to fund the entire project from start to finish including the RRIG.

Timeline:                                RFP presentation September 16th at 2:00 pm
Proposals Due On:                           Friday, 30 October 2009   POSTMARKED
Decisions within four to five weeks based on response volume.  It is anticipated that decisions will be made in early to mid-December.

The RRIG are being administered separately from TMF grants. TMF may chose to co-grant or not based on the qualifications of the merchant and the business. The application and specific requirements are available at the September 16th presentation.  After the presentation the application is available in PDF format by email request only. The application will not be posted on the web.

At least one key partner is encouraged to attend the RFP session.  We will be taking attendance.  It should be noted that all of the successful first round grantees were at the public presentation. There will be ample opportunity to ask questions at the presentation.  You may forward this email to any and all contacts.  Preliminary inquiries should be made by email to [email protected] .

Many thanks to the Center for Architecture, The AIA Book Store and The Philadelphia Design Collaborative for use of the space.

These grants are made available through a partnership with the City of Philadelphia Commerce Department.