Recruiting new businesses to town might get all the glory, but there’s real value in keeping existing tenants downtown.
That’s the philosophy in South Boston, VA, where the Keep Entrapreneurs Program is making an impact.
Beginning in 2024, downtown leaders delivered advice and technical assistance to existing businesses, helping them address financial challenges, adapt to post-pandemic conditions, and explore strategies for growth and expansion.
The organization also provided mini-grants to support long-term business success and address building up-fit needs for property owners.
Building repairs don’t qualify for grants unless the improvements directly drive sales. For instance, one entrepreneur had boarded a window because the glass was broken. That left visitors with the distinct impression that the shop was closed. Replacing the broken window helped the business, a gift shop, generate more foot traffic.
In another example, a South Boston bakery won funding for a coffee bar and an ice cream freezer, both of which boosted sales.
Business recruitment and retention programs are covered in more depth in the pages of Downtown Idea Exchange newsletter.
Click below to learn more about Downtown Idea Exchange and other resources for revitalizing downtowns and commercial corridors.
