A renaissance is underway in Northeast Wilmington, Delaware, an area bordered by 11th Street, Market Street, Lea Boulevard and Amtrak train tracks. To help support this community’s effort to bring about positive change, True Access Capital (TAC) has launched the Northeast Wilmington Revitalization (NWR) Fund. This fund is designed 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.
TAC will provide flexible and low-interest loans, up to $500,000 for eligible projects located within the geographic area. Projects will also be considered outside of the stated boundaries if they are located in Northeast Wilmington and are determined to have significant economic impact.
The purpose of the NWR Fund is to support developers, business owners, landlords and other property owners with projects that include demolition, acquisition, new construction, rehabilitation, pre-development, working capital, inventory, furniture/fixtures, and equipment. 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. The fund is leveraged by the JPMorgan Chase Foundation PRO Neighborhoods initiative.
Priorities will be placed on projects that:
- Acquire and rehabilitate vacant or blighted properties
- Improve existing business properties
- Support the development of mixed-use projects that combine housing, retail and/or office space
- Development or enhancement of community open space or public infrastructure
- Support small business development, expansion, and business retention
- Create or retain jobs.
For more information contact David Ortiz, Business Developer Officer at (302) 652-6774, ext. 112 or dortiz@trueaccesscapital.org
