Site Readiness Fund Helps Developers Attract Industrial or Commercial Businesses to Delaware
Are you a commercial developer, or municipal leader, that has ever had a business say “I want to come to Delaware” but then they pulled out because there was no ready-to-go, or easy-to-develop, warehouse or business park space available? The Delaware Site Readiness Fund can help keep you from missing out on these kinds of opportunities in the future.
The Site Readiness Fund provides grants, loans or other economic assistance to developers or municipalities to create industrial, heavy industrial or commercial (business park) space for prospective businesses. Projects related to creating or improving infrastructure for sites that will attract new businesses or expand existing businesses within the State, qualify. The goal is to ensure that Delaware remains a competitive state in attracting and retaining businesses.
Site Readiness Fund project sites are for future, undetermined occupants and the developer may not apply with a specific business (renter) in mind. It also cannot be a mixed-use site with residential, office or retail, or medical facilities.
There are two levels of the Grant that can be awarded. Level 1 – Grant awards of up to $100,000 are available for initial studies and early-stage activities such as surveys, wetland delineation studies, Phase 1 & 2 Environmental Site Assessments and preliminary planning and engineering. Level 2 – Grant awards of up to $1M are available for advanced activities associated with developing a site including, utility infrastructure, rail extension engineering and development and advanced planning and engineering. A Level 1 awardee may later apply for a Level 2 grant. The grants are reimbursable at a 1 to 1 match.
The Site Readiness Fund involves a partnership between the Division of Small Business (DSB) and the Delaware Prosperity Partnership (DPP). Those interested in applying for Site Readiness Fund grant should first contact one of DSB’s Regional Business Managers. After identifying if the project meets the minimum qualifications, the Business Manager will connect the applicant and the DPP, who will work with them to finalize the application. All Site Readiness Fund applications must go before the Council on Development Finance.
Applications for Site Readiness grants will be accepted on a rolling basis. You can view the program Fact Sheet, watch an informational webinar about how to apply, and get more details at de.gov/sitereadiness.