Work SessionItem 1Outcome pending
REVIVE Program: Small Business Assistance for Building and Site Improvements
The EDA discussed a proposed pilot program, the Richfield Economic Vibrancy, Investment, and Visual Enhancements (REVIVE) Program, which would offer forgivable loans to help eligible small businesses in older commercial buildings (built before 1995) pay for exterior improvements like painting, signage, lighting, and landscaping. During the work session, the EDA directed staff to raise the loan amount to $10,000, include franchises, exclude tax-exempt properties, and allow eligibility along collector and arterial roads on Chicago Avenue. No formal action was taken; staff will refine the program guidelines with the EDA Attorney before bringing it back for adoption.
recorded in the approved minutes — tally not yet extracted here
Key figure: $60,000 — EDA's 2025 budget allocation for the new small business assistance program
Potential benefit
Richfield's small business owners could receive forgivable loans (discussed for up to $10,000) to fix up aging storefronts, potentially making commercial corridors like Chicago Avenue more attractive.
Concern to consider
The program is still in draft form with no funding committed to specific businesses yet, and the EDA has not finalized eligibility rules, so no resident or business can apply immediately.
What happens next: Staff will incorporate the EDA's work session feedback (raising the loan cap to $10,000, including franchises, excluding tax-exempt properties, and expanding eligibility to Chicago Avenue collector/arterial roads) into finalized program guidelines, which the EDA Attorney will review before the program returns to the EDA for formal adoption, with a summer 2025 launch targeted.
Sources: Work Session agenda (city portal) ↗