Economic Development Program Update
The City of Arapahoe proactively connects with existing businesses in an effort to understand and respond to local business needs. Since 2010, the City of Arapahoe has proudly assisted in several different economic development programs working to improve the community’s resilience and strength over time.
The first economic development program currently being implemented in Arapahoe is the Business Façade Grant Program. This program is funded by LB840 funds and remains available to local businesses. These businesses are eligible upon application to receive up to 50% of the project cost to support improvements to the appearance and quality of their business. The goal of Arapahoe’s Business Façade Grant Program is to strengthen our business district by supporting property owners working to renovate the outward appearance of their business. As of July 2021, the City of Arapahoe has allocated $127,883.63 to support local businesses through Business Façade Grants since 2010.
In correspondence with the Business Façade Grant Program, Arapahoe recently implemented a Digital Façade Grant Program as well. This program was established in 2021 in an effort to encourage local businesses to begin or continue to build a strong online presence, which will allow local businesses to sell products and services to customers both inside and outside the community. The program will provide up to a $3,000 match to accepted applicants hoping to upgrade their digital presence.
The third economic development program currently being implemented in Arapahoe is the Small Business Loan Program. This program provides assistance to local entrepreneurs looking to secure a physical business location. Through the usage of LB840 funds, the City of Arapahoe provides individuals the chance to start a new business or purchase an existing business at an interest rate 50% below the prime interest rate on the date of the loan. As of July 2021, the City of Arapahoe has contributed a total of $160,750.00 from 2012-2020 toward this program.
The City of Arapahoe has additionally played an integral role in the development of Northern Estates, which provides the opportunity to build a home at a reduced cost due to incentive offers. Following the implementation of this program, six houses have been constructed on the Northeast quadrant of Arapahoe.
Interested in utilizing one of these community development opportunities? Find more information here or contact the Arapahoe City Office at (308)962-7445.