In addition to the many grant and loan programs, obtainable through state, federal and non-profit agencies which GREDA will pursue on your behalf, GREDA and the City of Grand Rapids offer a variety of local incentives to qualified businesses. GREDA Staff is available to confidentially discuss any of these and other programs to determine if they match your business needs. Some of the local incentives offered by GREDA and the City are listed as follows:
Downtown Mandated Building Improvment Loan Program
The age of buildings in the Downtown, which were developed prior to the establishment of building codes, can present additional challenges for those interested in establishing a new business. The State Building Code, when a change in use for a building, a substantial renovation or both is proposed, will most often mandate that certain improvements are made to bring the building into code compliance. These Code mandated building upgrades typically come in the form of establishing compliant handicapped accessibility routes to a building and within, fire protection and fire resistance, improved means of safe egress and bathroom/plumbing additions and remodeling.
Because these improvements are often unanticipated by the entrepreneur, the additional expense can significantly impact and sometimes halt plans for the business. GREDA’s understanding of this and their mission to advance measures that support and grow the Grand Rapids economy, has caused GREDA, with support from the Blandin Foundation, to take action to establish a Downtown Mandated Building Improvements Loan Program to support projects that must make these improvements and support our desired Downtown business area.
Downtown Entertainment Loan Program
GREDA recognizes that creative placemaking, arts and culture strengthens our economy by providing engagement opportunities for our residents and tourists, creating places and spaces where people want to live, work and visit. As a community development strategy, community placemaking integrates arts and culture to support, preserve and grow existing community assets, such as our downtown central business district.
Consistent with this understanding and their mission to advance measures that support and grow the Grand Rapids economy, GREDA, with support from the Blandin Foundation, has established the Downtown Entertainment Loan Program to support these creative placemaking events and the positive economic impact they provide to our community.
Commercial Building Improvement Loan Program (CBIL)
GREDA administers the CBIL Program, a revolving loan fund providing below market rate loans of up to $40,000 to qualified businesses interested in making improvements or additions to their building, or are planning new business construction. To lessen the initial financial burden to a business, Program loans are amortized at an interest rate of 2% over a 20 year period with a 5 year balloon. For additional CBIL information or to download an application form, select below.
1,000 Lakes Sporting Goods
Rowe Funeral Home