WILMINGTON – True Access Capital and Cornerstone West Community Development Corporation announced the West Side Corridor Revitalization Fund (WSCRF) has opened for its third round of funding.
Eligible small business owners and developers whose projects contribute to the economic revitalization of Wilmington’s West Side community can apply for forgivable loans up to $20,000.
“Revitalizing the City of Wilmington’s West Side depends upon attracting and retaining small business owners and entrepreneurs,” Vandell Hampton, Jr., President and CEO of True Access Capital said in a statement. “We are committed to the development of the West Side community and to the success of businesses in this underserved area — notably businesses owned by women and people of color — through our ongoing support of the West Side Corridor Revitalization Fund.”
“Most other forms of assistance to small businesses require repayment of the loan plus interest,” Sarah Lester, President and CEO of Cornerstone West said. “The loans from the WSCRF are forgiven if certain criteria are met. Some of our West Side small businesses have been operating on the edge since the COVID shutdowns, and we are particularly pleased to be able to offer them crucial help at this difficult economic time.”
Eligible applicants include small businesses, landlords and developers with properties or businesses located (east to west) between I-95 at Jackson Street to Webb Street at the CSX Rail line, and (north to south) from Pennsylvania Avenue to Oak Street/Maryland Avenue. Funds are awarded as a forgivable loan, including certain covenants, and can be used for site acquisition, business expansion, construction, renovations, remodeling of an existing business, working capital, inventory, furniture, or fixtures. Awarded funds will be forgiven in full as long as the loan covenants are satisfied.
Applications will be accepted through January 6, 2023. Interested parties are urged to attend an information session for further information on December 22, 2022 at 3:00 PM (English) or December 22, 2022 at 4:00 PM (Español).
To apply or to register for an information session, click here
