Press Release

Forgivable Loan Program Attracts and Retains Retailers

Forgivable Loans are an effective tool for downtowns to recruit and retain business.

(Boonton, NJ, April 1, 2010) — The Retail Forgivable Loan program provides financial and practical assistance to new and existing retail businesses in downtown Memphis, TN.

Among the businesses to locate downtown are an art gallery, which expanded from a nearby downtown, and a jewelry store, which is relocating from a lifestyle center.

The forgivable loan program was an important part of these and other shop owners' decision to move downtown.

As one example, the Center City Development Corp. approved a $40,000 forgivable loan for the owners of City Market Groceries & Deli. The deli owners are negotiating a five-year lease for 2,880 square feet on the ground floor of a mixed-use development on downtown's main street. The loan will go toward the business' start-up cost of $231,486 — in effect, a 17-percent reduction in start-up costs.

The April issue of Downtown Idea Exchange further details how the forgivable loan program works.

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About Downtown Idea Exchange

Downtown Idea Exchange newsletter is published by the Downtown Research & Development Center. For more than 50 years, the Downtown Research & Development Center has provided a forum for exchanging news, information and ideas on how to rebuild the hearts of our cities.

Website: http://www.DowntownDevelopment.com