About The Rapid Tenancy Program
The Problem
While the State of Ohio set back-to-back record numbers of start-up businesses in 2020 and 2021, many of these businesses have three or fewer employees. The likelihood of the businesses starting capacity to relocate to commercial space is small because of Capital needs. While many established businesses survived the economic challenges over these two years, men were still adversely impacted by the loss of revenue and potential income. Businesses cannot “pivot” and potentially take advantage of opportunities the economic change presents. Black and Hispanic-owned businesses were undercapitalized to do so.
There is a need to provide more equity to BIPOC businesses during this recovery period. The three (4) primary areas of support needed 1. Lack of Capital for relocating expenses (building our spaces, equipment, etc.); 2. Lack of expertise support when going through the process (working with architects, Developers, general contractors, etc.); 3. Funding for major permanent and semi-permanent equipment (hood systems, freezer. refrigeration, etc.) and; 4) Cash flow for business operations. Many lack the funding support for all four areas and typically can only capitalize on one, maybe two areas. The Capital for relocating expenses is typically the largest amount and the most difficult for many BIPOC businesses to find capital to finance the project. Developers have provided some support but at the expense of having to finance through the increased lease payments, which adversely affects the business’s cash flow and stresses sales and sales activities more.
The Solution
The Rapid Tenancy Program
Rapid Tenancy Program is the opportunity to impact Black and Hispanic-owned businesses and help impact minority business growth in Cincinnati’s traditionally disadvantaged communities. The program is designed to address the critical barriers of Relocation costs, Technical Assistance around implementing relocation, Technical Assistance in business model evaluation and support for relocation, and Cash Flow challenges associated with relocation.
In addition to lost opportunities from the pandemic, minority businesses can use these funds to invest in building their capacities. They will also be able to advance business opportunities that were not possible due to the effects of longstanding structural inequities and diminished economic mobility that were each magnified during the pandemic.
We are looking for businesses that have been affected by COVID-19 economic challenges or opportunities that need either:
- Relocate their business to a different commercial space
- Move from a home office to a commercial space
- Open or expand to add an additional location
- Special focus on BIPOC Businesses that are looking to relocate within one of the focused neighborhoods
Rapid Tenancy Program Grant Amounts:
The rapid tenancy program will provide grants of up to $50,000. These funds will be restricted to support the awardees in the areas:
- Moving expenses associated with moving the relocation or expansion of a business to a commercial space within the City of Cincinnati Corporate limits.
- Buildout expenses associated with relocation or expansion of a business to a commercial space within the City of Cincinnati Corporate limits
- Permanent or Semi-Permanent equipment associated with the relocation or expansion of a business to a commercial space within the City of Cincinnati Corporate limits (This is limited)
- Cash Flow associated with
Programs
Frequently Asked Questions
Unfortunately, at this time, the Resiliency Fund Grants are for For-Profit businesses only.
Yes, at this time, the funding for the Rapid Tenancy Grants requires that all businesses receiving Grants are limited to the City of Cincinnati Corporate limits. Businesses in other municipalities, like Blue Ash, Springdale, Norwood, Silverton, etc., are not eligible for relief Grant Funds.
If you are expanding your business to an additional location, the corporate office of your business has to be located in the City of Cincinnati Corporate limits.
The first application period opens on May 17th at noon.
Application Closed
Funds are restricted to expenses associated with the location or relocation of your business. The project worksheet will include the eligible uses.
Applications will be evaluated for completeness, accuracy of financial data, and explanation of need.
All Applicants must complete their application and submit the required documentation via the Submittable platform. Once submitted, all applications will be reviewed for completeness, accuracy, and eligibility. Incomplete applications will not be advanced or reviewed. It is important to submit a completed application. The Rapid Tenancy team will communicate through the Submittable portal if they have additional questions about the submitted information. It will be essential to check your Submittable portal weekly. The system should notify you of any communication to the email address you used when signing up.
All decisions will be communicated through the portal.
You will be notified within one week if your application is eligible. The process will take 3-4 weeks before a decision is communicated. It will be an additional 2-3 weeks before checks are issued if selected. Your response to additional information will also dictate the timeline.
There will be two draw periods for your reward. You will need to complete a draw request before funds will be issued. A check will be given to the name of the completed business listed on the W-9. We will provide an option to allow participants to pick up their bills from a specified location.
You will receive an email communication about your status. You are still eligible for Technical Assistance support regardless of the decision.
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