The city of Springfield is hoping to lure more businesses into downtown by
offering an attractive bait. Through the Springfield Main Street Renaissance Program, the city is offering financial assistance to retail and service-oriented businesses to locate in Springfield's historic commercial district, which encompasses Main Street from Doctor Street to Walnut Street and Cross Main Street across from the 1816 courthouse.
"We did this a number of years ago with the building next to City Hall," said Main Street Renaissance Director Nell Haydon. "We received three proposals for that building, and after review by a sub-committee, Mordecai's was selected. This particular proposal would be for any business that might want to locate in an empty building in downtown Springfield. We would have some financial assistance available to them. The first part of the assistance comes from $5,000 in revolving loan funds initially funded by the state. The second would be $3,000 available from proceeds we made recently on the Springfield/Washington County magazine which SWEDA participated in. That money could be used for rental assistance. It would be structured differently over a two-year period as opposed to a one-year period. That would ensure that businesses would stay on Main Street for two years. "Haydon said two businesses could possibly qualify for the assistance."
"Anyone that wanted to apply for this, if it met the qualifications of the Main Street Renaissance, then two businesses could possibly qualify for the financial assistance."
The rental assistance is limited to two years and is meant as a way to help businesses establish themselves. Recipients would have up to five years to repay the loan. A three-person sub-committee will review all applications and will make a recommendation to the city council for their approval.
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