Published: September 18, 2008 12:39 am         

DSDC pushing to lure businesses downtown

Incentive programs available for retail, professional ventures

Looking for a spot for your small business?

Downtown Somerset just might be the perfect place — and the Downtown Somerset Development Corporation just might be able to help you get started.

The DSDC is offering two new incentive programs to business owners who would be interested in opening or relocating to the central business district. Incentives would be available for both retail and professional ventures, says DSDC Director Gib Gosser.

DSDC officials want to work with retailers who could attract shoppers to the downtown area. That, they say, would help existing businesses by increasing traffic.

The DSDC is also offering help to firms that might use upper-story space for ventures which need less visual exposure.

Assistance from the DSDC could include “rental subsidies, second mortgages, partial financing of equipment and inventories, or a variety of other forms that would help new businesses get on their feet,” Gosser says.

The DSDC’s Economic Development Committee is in the process of creating an application that potential businesses could complete to help determine what level of assistance could be offered.

The applications state that, in order for a business to qualify for financial assistance, it must “improve the retail or dining opportunities available to downtown visitors without jeopardizing the existing business climate.”

The committee will review completed applications to determine what positive effects would be felt by the downtown business community if a certain business were to locate in the area.

Based on the information obtained in the initial application, the committee will schedule in-person interviews to better determine what kind of assistance is available.

“If (the committee) determines the applicant has a viable business proposal, it will then offer to award financial incentives in hopes of creating a partnership with the organization,” Gosser said.

Committee Chairman Bob Burgess says the organization is primarily interested in finding new first-floor retailers, but he’s also aware that a number of new ventures need floor space and downtown amenities, but don’t need visibility.

For instance, Burgess says, some other communities have seen a growth in Internet-based businesses that operate in second and third story spaces. Those companies like the availability of government offices and banks, and the close proximity of other businesses. At the same time, however, they need no storefront, warehouse or other more traditional spaces — making downtown upper story space ideal for their business.

The DSDC is concerned about the continual loss of locally-owned businesses.

Burgess says it’s increasingly difficult for independent businesses to get established when they have to compete with franchised and nationally-owned stores and restaurants.

“The organization hopes to level the playing field somewhat by filling the gaps that might prevent a locally-owned operation from getting started,” Gosser said.

Individuals interested in exploring these opportunities are asked to contact Gosser to begin the process. Gosser can be reached by calling (606) 679-8376 or by e-mailing ggosser@windstream.net.

     

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