The City of Hickory is committed to promoting business and economic development and offers a range of incentives to new and expanding businesses. The City has specifically identified increasing entrepreneurship opportunities as a high priority need.
The Small Business Loan and Microenterprise Grant programs provide funding to small businesses to take their businesses to the next level. These programs are funded through the City’s Community Development Block Grant allocation and reviewed by the Business Development Committee. Funds may not be used for real property improvements or used for expenses incurred prior to final approval of the funding agreement by the Hickory City Council.
Microenterprise Grant Program Small Business Loan Program
The City of Hickory's Operation: No Vacancy initiative aims to redevelop distressed commercial and industrial areas. The changing nature of industrial and commercial development has led to disinvestment in certain areas of the city. This initiative provides infrastructure investments and targeted development incentives to encourage redevelopment and reinvestment in the city's urban core.
The Urban Revitalization Area (URA) was designated to help target infrastructure investments and development incentives to encourage redevelopment and reinvestment in the city’s urban core. The City of Hickory offers a number of programs within the URA that aim to promote the reuse of existing buildings and the revitalization of older commercial and industrial areas.
Vacant Building Revitalization Forgivable Loan
This program seeks to encourage the reuse of vacant buildings and is designed to help owners of vacant property make improvements that will result in the occupancy and reuse of their vacant buildings and improve the surrounding neighborhood. One forgivable loan of up to $20,000 or 15% of eligible project costs (whichever is less) is available for interior and exterior real property improvements to vacant nonresidential buildings between 5,000 and 15,000 square feet located within the City’s Urban Revitalization Area. Buildings larger than 15,000 square feet could be eligible to receive a forgivable loan of up to $25,000 or 15% of project costs (whichever is less).
Residential Production Forgivable Loan
This program aims to increase the supply of residential units in the downtown area. Forgivable loans of $5 per square foot, up to a maximum of $4,000 per unit, are available to convert and renovate existing space zoned C-1 (Central Business District) into new housing units. The maximum total funding per property is $20,000. Both new construction and rehabilitation of existing buildings are eligible for funding.
Vacant Building Demolition Program
Funding of up to $15,000 or 35% of eligible project costs (whichever is less) is available for demolition and site restoration of substandard buildings. Buildings must be at least 10,000 square feet and must be vacant for at least 12 months to qualify for demolition funding.
Fire Suppression Program Forgivable Loan
This program aims to support the rehabilitation of existing buildings by providing funds to install code required fire protection infrastructure that facilitates the reuse of an existing building. Forgivable loans of up to $8,000 or 50% of fire protection installation costs (whichever is less) may be awarded for the installation of code required fire protection infrastructure.
Appearance Grant
This program offers matching grants of up to $7,500 or 50% of eligible exterior improvement or landscaping costs (whichever is less) to projects in the Urban Revitalization Area. Examples of eligible property improvements include exterior façade improvements, landscaping, creation of outdoor patios, and other related improvements.
City staff is available to answer questions about these programs for new and existing businesses. Please contact the Office of Business Development at (828) 323-7414.