Local Partnership Funds are meant to fill the "Gap" in economic development financing which is the difference between project costs and conventional soruces of funds. Financing through local Community Development Financial Institutions or Revolving loan funds encourages investment in short and long-term assests and stimulates investments by providing incentives to lenders and borrowers. Partnership Funds that the Office of Economic Development utilizes include:
What are brownfields?
Brownfields are any vacant, abandoned or underutilized real property the development or redevelopment of which is hindered by the reasonably held belief that the real property may be environmentally contaminated.
Why are brownfields important?
Delaware has more than 750 contaminated sites. These often abandoned site...
The City of Wilmington’s Office of Economic Development and the Grow America Fund (an affiliate of the National Development Council) have partnered to launch the Grow Wilmington Fund. Together, we are working to help small- and medium-sized companies grow their businesses in Wilmington. With longer loa...
The distinguishing characteristic of these public funds is that they are evergreen in the sense that the repaid principal and interest from loans made are re-issued to other loan recipients. In this way, the program funding “revolves” over time.
True Access Capital is a not-for-profit, federally certified, Community Development Financial Institution (CDFI) that supports small businesses and community development projects. As a CDFI, True Access Capital is required to provide at least 60% of its lending and technical assistance activity to underserved populations. Tru...
Businesses within the City of Wilmington
Principal(s) has direct experience in the industry for at least two years
Good Business Plan
Adequate personal credit history
Clearly defined and accessible target market
Depends upon project, collateral and ability to repay. The initial rate is based off o...