ALBEMARLE, NC – Applications for the City of Albemarle’s new Downtown Catalyst Grant Program are now available here. Albemarle’s City Council approved the new grant program designed to assist businesses in downtown Albemarle.

The new Downtown Albemarle Catalyst Grant Program provides up to $50,000 in grant funds for businesses in the downtown Municipal Service District (MSD).

The City of Albemarle and the Albemarle Downtown Development Corporation (ADDC) will oversee the program. Businesses will be eligible for facade and/or building stabilization improvements as well as internal improvements including furniture, fixtures, and equipment used in the business.

The City of Albemarle has funded the initial program’s $50,000. “This is a completely new program for the City with the concept originating in Strategic Planning Sessions held by staff and elected officials,” noted City Manager Michael Ferris. “The general program format was developed by Director of Economic Develop Keith Tunnell. Through Mr. Tunnell’s work, the concept was expanded to include support, including financial backing, from the ADDC and Uwharrie Bank. I am excited about this new program and multiple entities working together and pulling in the same direction for the benefit of our downtown, businesses, and residents.”

Uwharrie Bank has pledged $20,000 to the program.

“As a community bank, we understand starting and sustaining a small business is not easy, and definitely costly,” said Chief People Officer of Uwharrie Bank Brooke Senter. “We also know seed capital can propel a small business forward. We were excited to learn the City of Albemarle was implementing the catalyst grant program and were honored when asked to be a partner. These funds will be important to continued progress in Albemarle’s downtown business community.”

The Albemarle Downtown Development Corporation (ADDC) has also pledged $20,000.

“For many years, the ADDC has offered matching grant programs for smaller-scale needs such as business signage and facade improvements. I feel that adding this new Catalyst Grant Program to the mix will take our downtown to the next level to make much-needed interior improvements, especially to our long-standing vacancies to prepare them for turn-key readiness, which will attract prospective businesses and continue to nurture the growth that is already taking place here,” said Joy Almond, Director City of Albemarle Main Street Program & Albemarle Downtown Development Corporation.

For additional information about the grant, contact City of Albemarle Economic Development Director Keith Tunnell at 704.984.9419 or by email at ktunnell@albemarlenc.gov

A seven-member grant committee, chaired by Councilman Chris Whitley, will review grant applications. The deadline for businesses to submit their application for the first round of grant funding is May 16^th, 2022.

If the Grant Committee approves applications, funds will be released to the applicant(s) within 14 days of approval.