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Would-be entrepreneurs looking to start companies could win financial support through a competition in Allentown, business leaders announced today. Representatives of the Community Action Development Corp. of Allentown, a group of partners that formed in 2014 to bolster the neighborhoods beyond the Neighborhood Improvement Zone, made the announcement at a news conference this morning at Assembly 88. Through Upside Allentown, the name of the group’s campaign, the group’s focus includes improving neighborhoods and generating entrepreneurship opportunities geared toward helping the city’s revitalization efforts. The Seventh Street Main Street program, Hamilton District Main Street program, Rising Tide Community Loan Fund, Allentown Chamber of Commerce and the city of Allentown also support the Retail Mosaic competition, according to a news release. Through the competition, partners want to open 10 new retail establishments in specific areas which the city compiled as an inventory of ready-made retail space. The partners in the Retail Mosaic identified about 26 properties ranging from as small as 750 square feet to more than 2,500 square feet, said Bernadette DeBias, business development manager for Allentown. All properties are in clusters within walking distance to promote the growth of the urban area. These sections include: the 700 to 1000 blocks of Hamilton, Linden and Walnut streets and Seventh, Eighth, Ninth and 10th streets. Other areas include Jordan Heights, Old Fairgrounds, the Seventh Street District, Old Allentown Historic District, Allentown Promise Neighborhood and the Hamilton District. “We’ve been looking for a long time for a way to really infuse retail back into the downtown,” Mayor Ed Pawlowski said. “This is a way to really create a venue for small businesses to not only be set up but to be supported. Our goal is to create an opportunity for hopefully 10 new businesses here.” For the competition, prospective retailers will not only compete to win access to this space, but also be able to take advantage of up to $15,000 in forgivable loans and a network of professional support valued at about $5,000. That includes free hours for each of the professional services, including legal and accounting, an offering that’s spearheaded by the chamber’s Hamilton District Main Street program. The competition is funded through Allentown’s federal community development block grant. Participants can use the money to buy new or used machinery and equipment for the business. Also, the business owner must create at least two full-time jobs within three years which employ city residents who meet the low-moderate income guidelines, Pawlowski said. A business plan is required for those interested in entering the contest and is part of the pre-screening. The partners will invite up to 20 applicants for an elevator pitch, part of a “Shark Tank-like” interview. Final awards are given to the top 10 prospects based on need for services, credit-worthiness and other factors. Retailers that have made in America products will receive extra points in the competition. Awardees will have access to the Retail Mosaic’s committee of professionals who will provide free and reduced-rate support in areas critical for business creation, launch and development. “I think it’s absolutely fabulous in that it’s basically an incubator without walls,” DeBias said. “The fact that they are willing to help the winners get their business up and running says that the community is collaborating.” To apply, visit http://upsideallentown.com/retail-mosaic/. The deadline is March 23. The partners will announce the winners May 9-13. Read the original article here.
Would-be entrepreneurs looking to start companies could win financial support through a competition in Allentown, business leaders announced today.
Representatives of the Community Action Development Corp. of Allentown, a group of partners that formed in 2014 to bolster the neighborhoods beyond the Neighborhood Improvement Zone, made the announcement at a news conference this morning at Assembly 88.
Through Upside Allentown, the name of the group’s campaign, the group’s focus includes improving neighborhoods and generating entrepreneurship opportunities geared toward helping the city’s revitalization efforts.
The Seventh Street Main Street program, Hamilton District Main Street program, Rising Tide Community Loan Fund, Allentown Chamber of Commerce and the city of Allentown also support the Retail Mosaic competition, according to a news release.
Through the competition, partners want to open 10 new retail establishments in specific areas which the city compiled as an inventory of ready-made retail space.
The partners in the Retail Mosaic identified about 26 properties ranging from as small as 750 square feet to more than 2,500 square feet, said Bernadette DeBias, business development manager for Allentown. All properties are in clusters within walking distance to promote the growth of the urban area.
These sections include: the 700 to 1000 blocks of Hamilton, Linden and Walnut streets and Seventh, Eighth, Ninth and 10th streets. Other areas include Jordan Heights, Old Fairgrounds, the Seventh Street District, Old Allentown Historic District, Allentown Promise Neighborhood and the Hamilton District.
“We’ve been looking for a long time for a way to really infuse retail back into the downtown,” Mayor Ed Pawlowski said. “This is a way to really create a venue for small businesses to not only be set up but to be supported. Our goal is to create an opportunity for hopefully 10 new businesses here.”
For the competition, prospective retailers will not only compete to win access to this space, but also be able to take advantage of up to $15,000 in forgivable loans and a network of professional support valued at about $5,000. That includes free hours for each of the professional services, including legal and accounting, an offering that’s spearheaded by the chamber’s Hamilton District Main Street program.
The competition is funded through Allentown’s federal community development block grant.
Participants can use the money to buy new or used machinery and equipment for the business. Also, the business owner must create at least two full-time jobs within three years which employ city residents who meet the low-moderate income guidelines, Pawlowski said.
A business plan is required for those interested in entering the contest and is part of the pre-screening. The partners will invite up to 20 applicants for an elevator pitch, part of a “Shark Tank-like” interview. Final awards are given to the top 10 prospects based on need for services, credit-worthiness and other factors.
Retailers that have made in America products will receive extra points in the competition.
Awardees will have access to the Retail Mosaic’s committee of professionals who will provide free and reduced-rate support in areas critical for business creation, launch and development.
“I think it’s absolutely fabulous in that it’s basically an incubator without walls,” DeBias said. “The fact that they are willing to help the winners get their business up and running says that the community is collaborating.”
To apply, visit http://upsideallentown.com/retail-mosaic/.
The deadline is March 23. The partners will announce the winners May 9-13. Read the original article here.