The Neil Muldrow Business Development Fund
In December 2018, The Neil Muldrow Business Development Fund was created to package CBP’s stepped-up commercial revitalization initiatives for Central Baltimore. CBP also wanted to recognize the great work Ackneil Muldrow achieved in increasing access to capital for small businesses, especially minority-owned enterprises, as Director of the Development Credit Fund, business consultant, and as a dedicated mentor to business owners.
The Neil Muldrow Business Development Fund encourages minority- and locally-owned businesses to locate or expand in the growing Station North Arts District and other Central Baltimore business corridors. Although CBP has achieved significant revitalization momentum, these corridors continue to suffer high rates of vacancy and include many buildings that have been vacant or partially vacant for decades.
The Fund provides a combination of grants and loans to support four programmatic initiatives:
- The Commercial Façade Restoration Program provides a one-to-one matching grant to support storefront rehabilitation designed to improve the aesthetics of the building and the commercial corridor.
- The Tenant Build-Up Program helps retailers, building owners, and cultural organizations meet the high costs of renovating long vacant buildings. These costs make long-vacant spaces more expensive to occupy than newer commercial properties.
- Technical Assistance – CBP’s Commercial Revitalization efforts provide an array of technical assistance to support small business development, including free design services to support façade rehabilitation and tenant fit-out initiatives, marketing via social media platforms, identifying lending institutions who support business expansion needs, and helping businesses plan experiential (memorable) marketing events designed to generate foot traffic and revenue.
- The Charles and North Investment Fund encourages acquisition and redevelopment of vacant and underused buildings and subsidizes the implementation of design enhancements to activate public spaces.
For more information about The Neil Muldrow Business Development Fund, contact Jack Danna at 410-702-5193 or firstname.lastname@example.org