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Portland Commercial Tennanting Grant
Prosper Portland
ABOUT THE GRANT
The Affordable Commercial Tenanting (ACT) Grant provides Portland property owners and small business owners with reimbursement grants of up to $300,000 to fund tenant improvements, space related soft costs, and permitting support needed to ready a commercial space for opening. Administered by Prosper Portland, the city's economic development agency, the program is designed to facilitate access to affordable commercial space and support inclusive small business growth by helping local entrepreneurs move into ground floor storefronts at a lower cost.
The grant is currently available for properties located within the Interstate Corridor and Gateway Regional Center Tax Increment Finance (TIF) Districts, though the program may expand to other areas of the city in the future. To qualify, the property owner must agree to provide the small business with a minimum three year lease that includes at least one of the following: a lease rate 10 to 25 percent below market, a period of rent abatement, or capped rent escalations during the affordable rate period. The property must be ground floor and zoned for commercial or mixed use.
Eligible business owners must demonstrate at least two years of business experience and meet criteria related to displacement, limited access to capital, first generation business ownership, or location within a low income census tract. Funds may be used for hard costs to ready the space (such as standard finishes, signage, landscaping, lighting, and security upgrades), up to $25,000 for soft costs like design and permitting fees, and up to $25,000 for predevelopment work. Operating expenses, inventory, and non permanent fixtures are not eligible. Property management companies, mobile businesses, e-commerce businesses, and cannabis businesses are not eligible to apply.
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NOTES
We haven't added commentary on this grant yet. In the meantime, the fundor's website (linkeded above) is the best source for application details and eligibility specifics.
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