Red Deer’s Vacant Spaces Grant program has returned to offer up to $10,000 in rental subsidies to entrepreneurs looking to set up shops downtown.
First available in 2023, entrepreneurs can apply to the City of Red Deer program to receive funding to activate vacant downtown street level, storefront commercial spaces with business concepts in the areas of food & beverage, entertainment and retail being prioritized.
A total of $36,000 is available in 2024.
“We were pleased with the initial uptake for the program and are excited to continue this funding opportunity, intended to enhance the downtown and showcase our city’s talented entrepreneurs,” said Bobby-Jo Stannard, community development superintendent, in a statement.
“We look forward to seeing more exciting, new business concepts come to life through this program in 2024.”
Related:
Public ideas are being collected for what to do with empty lots in downtown Red Deer
Priority areas for applicant selection include vacant street level, storefront spaces along 50th Avenue between 48th Street and 53rd Street, as well as spaces along 49th Street between 48th Avenue and 50th Avenue.
In 2023, the program supported seven applicants, including two new businesses on priority streets and six new businesses in priority industries. Unsuccessful applicants were offered business coaching through Community Futures and were invited to apply during the next funding cycle.
Applications will be accepted starting Feb. 15 and will continue until the end of the year or until funds are depleted, whichever occurs first.
Applications will be adjudicated in April, July, and October. Applicants will be notified within two weeks after the adjudication date.
More information is available at reddeer.ca/vacantspaces or refer to the Vacant Spaces Grant 2024 Q&A Backgrounder (pdf).