Are you considering expanding or opening a new business in downtown Davenport but don’t know where to start? DDP has a dedicated staff that’s available to help you understand the nuances of doing business downtown so you can get your doors open sooner.
We can also help coordinate meetings with the City’s Community Planning & Economic Development staff to ensure you understand what financial incentives are the best fit for your business.
See below for a list of programs and incentives that could benefit your company.
DDP Commercial Interior Improvement Grant
Eligible projects must be located within the boundaries of the Downtown SSMID and funds are strictly for use towards capital improvements. Our goal is to attract new and retain existing downtown commercial office/retail tenants while enhancing the overall value and appeal of the downtown business district.
The grant provides assistance in the form of matching funds that are paid to selected applicants upon completion of the approved project. Grant funding is available equaling up to 20% of owner/developer investment capped at $5 per square foot (PSF). For example, if owner investment (tenant improvement allowance) is equal to $20 PSF, the project could qualify for a DDP grant of $4 PSF; thus, enabling a $24 PSF total improvement budget for the desired project. Funding for interior design assistance may be available for qualified projects.
DDP Facade & Streetscape Grant
DDP offers Facade & Streetscape grants intended to enhance the overall beautification and visual appearance of downtown. It is not intended to fund routine building maintenance. Examples of eligible projects include, but are not limited to, painting, decorative streetscaping, tuck pointing, awnings, historic window replacement, etc. Interior projects are not eligible.
Matching funds are paid to approved applicants after private investment has been applied to the project. The maximum amount of any grant is $15,000.
For more information or to apply, please contact DDP staff.
Free Market Research – BIG Database
Identify new opportunities for your business to grow by researching demographic statistics, market analysis tools, and vital information on millions of U.S. companies. Databases include Reference USA, Hoovers Plus, First Research, Plunkett Research, and Acculeads.
BIG is FREE to use and can be accessed after a brief training. To schedule an appointment, call 563-322-1706.
City of Davenport Downtown Financial Incentive Programs
Small Business Loan Program (SBLP)
This federally funded program provides loans for $10,000 – $20,000 to assist small businesses with expenses such as machinery and equipment, building purchase and working capital. Loans are for five years with 0% interest. In order to qualify, business must have 50 or few employees and do one of the following three things:
- Expand the availability of essential goods/services in low to moderate income neighborhoods
- Create and/or retain jobs for low-mod income persons
- Owner must be a low-mod income person
Downtown Davenport Jobs Program
This program offers up to $20,000 per new full time or full time equivalent position created. Loans amounts range from $20,000 to $60,000 and are repayable over 5 years at 0% interest.
- All loans require the applicant to provide matching dollar for dollar funds via proven cash or through traditional financing. The maximum amount of loan funds are not guaranteed for projects, rather each project is subject to financial analysis and approval by City staff. If a business is interested in a loan of $20,000 or less they are encouraged to apply for the Small Business Loan.
Façade Loan Program
The City has a federally funded façade loan program. Preference is given to blighted properties and the rehabilitation of historic structures. Loans are for five year with an interest rate of 0-3%.
Parking Ramp Rate Incentive
A preferential rate on leased parking spaces is available for four years for new businesses occupying office space and bringing new jobs downtown. The rate is available under the following criteria:
1. Company must occupy 5,000 Sq. Ft. of office space with minimum of 15 jobs and 5 year lease.
Year 1: 1/3 of public rate
Year 2: 1/2 of public rate
Year 3: 2/3 of public rate
Year 4: 3/4 of public rate
Year 5: Full public rate
Terms can sometimes be negotiable depending the size and number of jobs being created. Contact DDP staff for more information.
Urban Revitalization Tax Exemption (URTE)
Property tax exemption on the increase of property taxes resulting from additions and rehab to existing structures and new construction of residential, commercial and industrial properties. This program offers seven different tax exemption schedules to choose from depending upon the tax classification of property.
Workforce Housing Tax Credit
Details coming soon. Click here for more information.
Bi-State Revolving Loan Fund
The BSRLF makes below market-rate loans to fill permanent financing gaps and leverage private financial investment for businesses that create jobs. The BSRLF are based upon job creation with a maximum of $7,500 per job created. The loan may be used for working capital or to assist the business in the purchase of fixed assets such as machinery, equipment, land or buildings. Applications are accepted on a monthly basis.
For additional information, please all the City Community Planning and Economic Development Department at 563-326-7765.