November 20, 2024 – The City of Owensboro, in partnership with the Greater Owensboro Economic Development Corporation (GOEDC), is highlighting the Downtown Small Business Subsidy Program, an initiative designed to bring life to vacant downtown spaces and drive economic growth. This program offers financial incentives tailored to attract new businesses and help existing ones expand, creating a lively and thriving downtown community.
Nate Pagan, City Manager, stated, “The City is committed to downtown and economic development. Offering an incentive program to entrepreneurs builds on two strengths of our community.” He added, “Through these efforts, we aim to energize our downtown and inspire further growth, making Owensboro an increasingly vibrant place to live, work, and visit.”
The program provides two major incentives for eligible businesses:
- Rental Assistance: Businesses moving to or expanding within the Article 21 Downtown Overlay District can qualify for rent subsidies over three years, helping offset operational costs as they establish themselves:
- Year 1: $3 per square foot
- Year 2: $2 per square foot
- Year 3: $1 per square foot
- Businesses must sign a three-year lease to qualify, with the total subsidy capped at $25,000.
- Building Improvement Grants: To make properties ready for new tenants and enhance the downtown landscape, this program offers a 50/50 matching grant of up to $25,000 for building and façade improvements.
“Our goal is to help businesses get the support they need to grow and bring new energy downtown,” said Jamie Johnson, Vice President of Workforce Development, Small Business, and Entrepreneurship at GOEDC. “By providing assistance and incentives, we’re helping transform empty buildings into successful spaces that will drive economic growth, create new opportunities, and strengthen the community as a whole.”
Application Process
Businesses interested in the program must meet specific criteria, including providing a signed lease, showing proof of at least three months’ rent savings, and submitting a business plan. Building improvement projects require detailed plans and adherence to local codes. Applications will be reviewed by GOEDC and the City Manager, and subsidies are disbursed on a reimbursement basis upon meeting program requirements.
For more information or to apply, please contact the Greater Owensboro Economic Development Corporation at 123 West Fourth Street, Suite 202, Owensboro, KY, or via email at JJohnson@owensboro.com. The application, along with a copy of the Downtown District Overlay map, can be found online at https://edc.owensboro.com/incentives/.