REAP and DRLF
As a small business retention measure, the Downtown Dover Partnership (DDP) is offering two new financial assistance programs to qualified small business owners in Downtown Dover, Delaware:
- REAP - The Business Retention/Expansion Assistance Program provides mini-grants generally up to $2,000, at the discretion of the DDP Economic Vitality Committee and/or Economic Development Funding Review Committee, and budget-permitting, for qualified downtown Dover business owners that are currently operating in a brick-and-mortar, non-residential location within the downtown Dover Central Business District. The purpose of the REAP is to help a business expand in square footage, in product line, to a new location within the district, or to open a second (or third, etc.) business in the business district. In some cases, funds may also be provided for stabilization if a strong case is made that the business will be successful for at least two years in downtown Dover.
- DRLF - The Dover Revolving Loan Fund provides micro-loans of $5,000 to qualified small busines owners currently operating in a brick-and-mortar, non-residential location within, or who are newly locating to, the downtown Dover Central Business District. Funds will be distributed at the discretion of the DDP Economic Vitality Committee and/or Economic Development Funding Review Committee, at a low interest rate of 2% plus a non-refundable $175 application fee.
- For more information about the applications for the REAP and Revolving Loan Fund programs, call 302-678-2940 or email Inquiry@DowntownDoverPartnership.com
NEW VIDEO! To learn more about the programs, watch the video below:
To download an informational brochure about the REAP and DRLF program, Click Here.
- All funds will be awarded and distributed within the sole discretion of the DDP. The DDP may waive or permit variations to these guidelines.
- All applicants of the REAP and Dover Revolving Loan Fund are required to complete advisement and/or technical assistance provided by a Small Business Development Center (SBDC) advisor/Navigator Program, and/or other similar training or technical assistance or pre-approved training provider on a topic that is intended to advance the knowledge, skills, and profitability of the business owner/applicant. The DDP representative will make recommendations toward this requirement with each applicant.
- Dispersement of funds is reliant on enrollment and completion of this advisement/training. The Downtown Dover Partnership, an accredited Delaware Main Street program, is committed to driving an improved quality of life for the residents and visitors of Dover, Delaware, through collective collaboration, economic development and promotion of downtown Dover’s unique historic properties.