Gov Meyer Launches Delaware Commercial Corridor Initiative To Support Small Businesses
Supporting small business is Governor Meyer’s goal with the launch of the Delaware Commercial Corridor Initiative. This new statewide program is designed to help small businesses improve storefronts, buildings and operations while working to revitalize downtown and commercial districts. Gov. Meyer says the Division of Small Business will invest $4.5-million in state Strategic Fund dollars to help existing brick and mortar small businesses – the backbone of Delaware’s economy. This funding is reallocated from Strategic Fund dollars freed up by a 2024 amendment to a grant agreement with Incyte.
Additional information from Gov. Meyer:
“Small businesses are the backbone of Delaware’s economy, and they should be at the center of our state’s economic development strategy,” said Governor Matt Meyer. “By putting these dollars directly into our commercial corridors, we’re helping local businesses succeed while strengthening the places where Delawareans live, work, and shop. Growing our economy starts by investing in the entrepreneurs who have already invested in Delaware, creating opportunities from the ground up and encouraging private investment to follow.”
“We are taking reallocated state investment dollars and putting them directly back into Delaware communities and small businesses,” said DSB Director CJ Bell. “This program will help business owners make meaningful improvements to their properties, strengthen local communities, and encourage additional private investment in downtown districts across the state.”
The $4.5 million for the program comes from Strategic Fund dollars freed up by a 2024 amendment to a grant agreement with Incyte. That agreement originally committed $14.8 million to the company; the amendment reduced it to approximately $2.9 million, freeing nearly $11.9 million for redeployment into Delaware communities.
DSB will partner with three regional administrators, one in each county, led by a Community Development Financial Institution or financial institution, to administer the program. Under DCCI, grants will cover 10% to 25% of a project’s cost, up to $25,000 per business, with the remaining project financing provided through private lending institutions. This approach leverages private capital while expanding access to financing for small businesses.
Eligible small businesses may apply for funding for interior renovations, exterior and facade improvements, equipment purchases and code compliance upgrades. Building purchases and rent expenses are not eligible. Priority will be given to facade improvement projects.
To qualify, a business must be located in a qualifying commercial corridor. A qualifying commercial corridor is an area that is either directly adjacent to a designated Downtown Development District or a commercially developed corridor that is zoned for commercial or business use and located in a Level 1 or Level 2 Investment Area under the State’s 2025 Strategies for State Policies and Spending. This approach aligns eligibility with the areas Delaware has already targeted for growth and investment while avoiding duplication of existing state incentives.
The first round of funding is expected to be awarded by the end of September.
This initiative builds upon the success of New Castle County’s Commercial Corridor program and expands that model statewide. Commercial Corridor programs are a proven tool to encourage private investment, support visible improvements and stabilize small business districts throughout Delaware.