Rental subsidy program will be offered for new businesses in Albion downtown
Photo by Tom Rivers: East Bank Street is pictured in Albion on Wednesday evening. Village officials are hopeful a new rental subsidy program will result in more businesses in the downtown.
ALBION – The Village of Albion is launching a new rental assistance program for new businesses that set up in the downtown.
The village will offer $100 a month with the funds coming through the Albion Housing and Economic Development Corporation, a village local development agency focused on housing and economic development.
The Orleans Economic Development Agency also expects to offer a rental subsidy in conjunction with Albion. The EDA also will encourage the new businesses to pursue grants for equipment for their businesses.
“We certainly welcome any partnership to help incentivize people to open businesses in the downtown,” said Jim Whipple, EDA chief executive officer.
The EDA board of directors need to give final approval on the subsidy from the EDA through its LDC. The EDA was focused on grants for up to $15,000 for small businesses, but is open to the rental subsidies after the village offered money to help bring new businesses downtown, Whipple said.
If other municipalities start similar programs, Whipple said the EDA would be interested in offering short-term subsidies as well.
Albion will have a public meeting at 6 p.m. on June 27 to discuss the downtown revitalization effort, done in conjunction with the village, the Albion Housing and Economic Development Corporation (LDC), the Orleans Economic Development Agency and the Albion Merchants Association.
The meeting will focus on rental assistance and technical assistance, and also will give entrepreneurs a chance to discuss barriers to opening a business in downtown.
Building owners, prospective business owners and others are welcome to the meeting.
