The Equitable Wilmington Collaborative has announced $1.4 million in financing to support three projects through the Northeast Wilmington Revitalization (NWR) Fund. True Access Capital launched the NWR Fund to provide financial support for developers, business owners, landlords, and other property owners with projects that have a high economic and revitalization impact in Northeast Wilmington. The $1.4 million financing includes funds made possible partly through a bond bill sponsored by Delaware State Senator Darius Brown (2nd District).
The $1.4 million financing will support three projects that have a high economic and revitalization impact in Northeast Wilmington, including a former firehouse that will be revitalized to include two commercial spaces on the first floor and two residential units on the second floor. The funding will also support a new childcare center boasting space for 200 children with spots available for infants through pre-school in addition to a summer camp for school aged children. The center will feature a curriculum that emphasizes academics and the arts and will serve as a resource to educate parents on the importance of educational and enrichment activities in child development. The third project receiving funding will support the acquisition and revitalization of a one-story industrial building that will provide expanded space for an existing safety equipment installation business. The new facility will create 10 new jobs and double capacity to expand current business offerings, including hood installations, emergency lighting, fire suppression system inspection and installation, kitchen inspection consulting, sanitation, and maintenance services.
The purpose of the NWR Fund is to support developers, business owners, landlords, and other business property owners with projects that include demolition, acquisition, new construction, rehabilitation, pre-development, working capital, inventory, furniture/fixtures, and equipment. Through the NWR Fund, True Access Capital provides flexible, low-interest loans, up to $500,000 for eligible projects. Up to 30% of each loan made through the NWR Fund will be forgiven, provided the borrower completes the project, as intended in the original proposal.
Additional funding is available. Please click here to contact True Access Capital for more information.