Over the past five years, the city's Executive Office of Economic Development (EOED) has supported 37 projects for small businesses through the Division of Business Assistance (DBA), according to Chief Development Officer Tim McGourthy. The department has directed more than $500,000 in federal funding from the US Department of Housing and Urban Development (HUD) Community Development Block Grant (CDBG) Program to small businesses within the Worcester Commercial Area Revitalization District (WCARD).
He cites 18 projects through the Facade and Awning Incentive Grant (FAIG) program, 15 through the Storefront Improvement (SI) Program and 4 as part of a Microloan program. The projects were funded by $512,000 in public funding and $780,000 in private investments.
In addition, says McGourthy, similar assistance is offered to businesses within the Blackstone River Road/Greenwood Street commercial corridors, through funding from the Greenwood Street Landfill Account. Money in that account came from the re-capping of the Greenwood Street Landfill. Approximately $500,000 has been approved for economic development use, including the creation of the following three programs: Quinsigamond Village Storefront and Facade, Quinsigamond Village Small Business Grant and Quinsigamond village Microloan. One project has been completed under the storefront and loan program and two under the small business grant. According to McGourthy, 10 projects are underway, including seven under the storefront and facade program and three under the small business grant program.