ARPA funds boosting small businesses
Published: Thursday, May 23, 2024 By: Selena Romero Source: Velocity
Since spring 2020, The Alliance for Economic Development of Oklahoma City has been proactive in launching programs to boost small business recovery and resilience. Building upon past successes, the Storefront Round 3 initiative aims to stabilize businesses and neighborhoods while instilling pride among residents.
"We are utilizing the last of our federal ARPA funds on a proven program to assist small businesses," said Kenton Tsoodle, President of The Alliance for Economic Development of Oklahoma City.
Partnering with over 60 small businesses to enhance their storefronts and currently collaborating with 50 more, the Alliance is providing vital one-time funding aimed at boosting their self-sufficiency. The application process for this year's grants opened at the beginning of April, offering small businesses in Oklahoma City the chance to enhance their exterior appeal.
To qualify, businesses must operate within Oklahoma City, have been established prior to April 2022, and either be minority-owned or located in a (low-income) Qualified Census Tract area.
Stressing the importance of exterior improvements in enhancing curb appeal and complying with municipal ordinances, Tsoodle continued, "Many times, there are improvements the business desperately wants but can’t fit into their operating budget. Oklahoma City has been very intentional about using ARPA funds to give small, disadvantaged businesses a boost that improves their stability and capacity in the long run."
The third round of the storefront improvement initiative, managed by The Alliance, will reimburse businesses for outdoor building repairs, covering expenses of up to $25,000. Eligible improvements include windows, paintwork, signage, and other enhancements.
Businesses applying for Storefront Round 3 must provide estimates from third-party contractors alongside their application. Assistance will be provided on a first-come, first-served basis, with projects expected to be completed within four months of approval.
Jacob Keyes, owner of Skydance Brewing, praised previous funding initiatives, sharing how they helped install a new sign for his Native American craft brewery on 7th Street. "Before we had the sign, no one knew we were even here. The simple thing of not having a visible sign is key, especially when you’re surrounded by so many businesses."
Administered by The Alliance for Economic Development for Oklahoma City and funded through The City of Oklahoma City's allocation from the federal American Rescue Plan Act, the Storefront Round 3 program aims to empower local businesses. The Black Chronicle was instrumental in first reporting on this initiative, shedding light on its significance. Interested parties can find application details at www.theallianceokc.org/arpa-programs.
This story originally ran on VeloCityOKC.com.
