The City of Owensboro is collaborating with the Greater Owensboro Economic Development Corporation (GOEDC) to spotlight its Downtown Small Business Subsidy Program, aimed at revitalizing vacant downtown spaces and driving economic growth.
Local officials said the initiative offers financial incentives designed to attract new businesses and support existing ones in expanding within the downtown area to foster a vibrant community.
“The City is committed to downtown and economic development. Offering an incentive program to entrepreneurs builds on two strengths of our community,” City Manager Nate Pagan said. “Through these efforts, we aim to energize our downtown and inspire further growth, making Owensboro an increasingly vibrant place to live, work, and visit.”
The program offers two main incentives:
- Rental assistance: Businesses moving to or expanding within the Article 21 Downtown Overlay District can qualify for rent subsidies over three years, capped at $25,000. The subsidies are scaled, with $3 per square foot provided in the first year, $2 in the second, and $1 in the third. A three-year lease is required to qualify.
- Building improvement grants: A 50/50 matching grant of up to $25,000 is available for building and façade improvements, helping property owners prepare spaces for new tenants and enhance the downtown landscape.
“Our goal is to help businesses get the support they need to grow and bring new energy downtown,” said Jamie Johnson, GOEDC Vice President of Workforce Development, Small Business, and Entrepreneurship. “By providing assistance and incentives, we’re helping transform empty buildings into successful spaces that will drive economic growth, create new opportunities, and strengthen the community as a whole.”
Johnson also emphasized the broader vision behind the program.
“This subsidy program is about more than just financial incentives,” she said. “It’s about building a stronger, more dynamic downtown for everyone. By partnering with the City of Owensboro, we’re creating opportunities for small businesses to grow and succeed, ensuring the long-term economic vitality of our community.”
Businesses interested in the program must meet specific criteria, including signing a three-year lease, showing proof of three months’ rent savings, and submitting a business plan. Building improvement projects require detailed plans that adhere to local codes. Applications will be reviewed by GOEDC and the City Manager, and subsidies are provided on a reimbursement basis.
For more information or to apply, contact GOEDC at 123 West Fourth Street, Suite 202, Owensboro, KY, or via email at [email protected]. Applications and a map of the Downtown District Overlay are available at edc.owensboro.com/incentives.
