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Commercial Retention and Redevelopment (CRR) Forgivable Loan Program

City of Columbia OBO

Commercial Retention & Redevelopment Program OverviewThe City of Columbia’s Commercial Retention & Redevelopment Program aims to improve the appearance of commercial corridors throughout the city that are significantly deteriorated.  Through this forgivable loan program, commercial property owners and/or business tenants are able to make improvements to the front and other exterior portions of commercial buildings that can be seen from the public right-of-way.

Combination of a Matching-Forgivable Loan CRR Project (Exterior Improvements) & Forgivable Commercial Loan Project (Interior Improvements)

Commercial Retention & Redevelopment Program 2023-24

Program Launch:  September 26, 2023

 


CRR 2023-24 Program Materials


Eligible Exterior Improvements:

Windows/Doors           

Masonry

Painting                           

Awnings

Lighting                           

Roofing

Signage                           

Carpentry

Parking Lot Repair – Cut, patch, sealcoat, re-stripe


Eligible Interior Improvements Walls – Paint or other repair Ceilings – Pain or other repair/replacement Floors – Repair/replacementCabinets or similar built-in fixtures – paint/repairLighting

ADA Accessibility Improvement – ramp, grab bar

(The number of eligible improvements may be altered for different target areas depending on most observed need and available budget.)


Commercial Retention & Redevelopment Loan (Forgivable)


* Property and/or Business Operators fronting the commercial corridor in the target area.

* For improvements to the interior and exterior of the building and premise.

* A 10% match is required for participation; in-kind match is permitted.  The waiver of the match requirement will be reviewed on a case-by-case basis.

* Any business with 51% or more revenue from alcohol sales are subject to review by the City of Columbia Economic Development Committee to determine eligibility.

* Any cost above the City’s maximum allowable per site, reverts to Applicant.

* Proper maintenance of the improvements will be monitored for a period of two (2) years.

* If not maintained as installed during the monitoring period, participant will be considered in Default and funds re-paid (pro-rated).


* This program may use federal funds and contractors would be required to follow all federal regulations.

Previous Facade Improvement Program Target Area Summary Reports

Business Improvement District (BID)

Main/North Main Corridor

Two Notch Road Phases I & II

 

If you have questions that were not answered here, contact the City of Columbia’s Office of Business Opportunities, 1401 Main Street, 4th Floor, Columbia, SC 29201 or by phone at (803)545-3950.




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