Economic Development
January 27, 2025 City Council Update
Economic Development Department
The City established an Economic Development Department during FY2024/25 Budget process. Over the past 6-months much has been accomplished, including:
Website Development www.fortbraggbiz.com
New Business Welcome Packet
Business Survey & Letter from City Manager
Established Downtown Business Improvement Grant Program Established Revolving Loan Program – Fort Bragg BOOST!
Completed Business Inventory
Supported Community-led Wayfinding Signage Approach for downtown Initiation of Monthly Business Roundtable
Provided funding Alleyway Art Project for 5 Murals
www.fortbraggbiz.com
Downtown Place-making Efforts
Alleyway Art Project Murals
Downtown Wayfinding Signage
$20,000 dedicated toward wayfinding signage
$25,000 dedicated to create 5 new murals
Listening & Learning
Business Survey Circulating
Monthly Business Roundtables Initiated
City-Wide Business Inventory Completed
Supporting Community-led Downtown Wayfinding Initiative
Connecting Businesses to Capital
The Economic Development Department is kicking off the new year by launching two new business assistance programs funded with American Rescue Act Plan funding:
Downtown Improvement Grant Program
Fort Bragg BOOST Revolving Loan Program
(CDBG-PI Business Assistance Loans coming soon!)
Downtown Improvement Grant Program
Matching reimbursable grants up to $20,000 to fund improvements that improve the aesthetic appeal of downtown, encourage investment, strengthen place-making efforts, and attract more visitors and shoppers.
Program Details:
City will match up to 50% of total project costs
Minimum grant amount: $1,000
Maximum grant amount: $20,000
Reimbursable upon satisfactory completion of the project and proof of payment May be subject to prevailing wage
Business Boost Loan Program
Revolving loan program to support business retention, expansion, and job creation within city-limits. Funds are eligible for working capital, inventory equipment, and real estate. Construction may be allowed, subject to prevailing wage.
Program Details:
Interest Rate: 2.5% - 5% + Loan Underwriting Fees
Repayment Terms: 2 - 5 years, based on debt service capacity Loan Amounts: $10,000 - $200,000
CDBG-PI Business Assistance Loan Program (Coming Soon!) The City has applied to use up to $570,000 in Community Development Block Grant (CDBG) Program Income to fund the continuation of our highly successful CDBG Business Assistance Loan Program. We anticipate program initiation by May 2025 or sooner.
Program Details:
Interest Rates start at 1%
No Loan Fees
Length of loan determined based on debt service capacity Job Creation / Retention for every $35,000 loaned
(at least 50% filled by low-moderate income persons)
Upcoming Initiatives
City Hall Lobby Improvements, including new flooring, directional signage, Core Values signage, and Economic Development Resources display Market Analysis utilizing recently completed Business Inventory and results from Business Survey Vacant Property Tax discussion with City Council
Continue building out website – www.fortbraggbiz.com