Just two weeks after launching, Spencer’s new Retail Kickstarter Program is already generating interest.
Through the program, Spencer businesses that fill retail gaps, diversify the economy or fill jobs can apply to receive forgivable loans up to $25,000 and separate zero percent interest loans up to $25,000.
The program is a partnership between the City of Spencer,Spencer Chamber of Commerce, Spencer Main Street, Community Bank, Northwest Bank and Farmers Bank.
“I know we’ve received one applicant and Nancy (Naeve, director of Spencer Main Street) has taken several phone calls about it,” City Manager Amanda Mack said during Monday’s city council meeting.
The kickstarter program’s launch was announced last week.
A news release shared additional details:
“This program will:
1. Facilitate significant and comprehensive investment in retail businesses.
2. Increase overall community wealth.
3. Diversify the economy.
4. Provide long-term community benefits in return for the investors dollars.
5. Ensure the recipient project constitutes responsible development and further complies with all other applicable development principles and regulations.
‘Spencer Main Street Director, Nancy Naeve says, “We are excited to offer this opportunity to those that may want to open a business in Spencer and to those that may want to expand product lines or make improvements to their buildings. The program offers two options that may be combined for an award up to $50,000 for qualifying projects. The goal of this program is to offer impactful resources to our business community to spur growth. We believe that this program is very complimentary to the other incentive programs that are offered through the City and Spencer Area Jobs Trust for commercial and industrial projects.’
Interested applicants may contact Nancy Naeve, Spencer Main Street, at 712-262-7246.”
The city has been talking with partners about the program for about a year.