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Economic support in legacy business programs.
The number of economic challenges facing legacy business owners endangers their long-term sustainability. As a result, several legacy business programs have included economic support as part of their incentives to join the program. Legacy business programs in Atlanta, Denver, Detroit, Los Angeles, San Francisco, and Washington, DC, offer some form of economic support. A few external organizations nationwide also provide financial incentives for legacy businesses. Grants are by far the most widely used economic support tool among legacy business programs, perhaps because they are the easiest to orchestrate, are equitable, and transparent. Legacy business grants, however, are generally modest (for example Atlanta’s legacy business grants are from $500 to $5000) in scope and size compared to the scale of the economic pressures legacy businesses face. In the section below you will find the many forms of economic support that could be used for legacy business programs. You will also find resources on partners and organizations that can help provide economic support to both legacy businesses and your legacy business program. Additionally, you will find information on planning and implementing economic support into your legacy business program.
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Funding for the Legacy Business Program Itself
While this section mainly focuses on how to provide economic support for your legacy business owners and building owners in your legacy business program, you may also be wondering about how to fund the program itself. Starting a program generally requires funding for staff, office space, equipment, and business operations. Most legacy business programs are self-funded through internal resources, whether they are started by a municipal or nonprofit organization. Some are funded through grants, and a few started with federal funding, often tied to economic recovery. Any known examples and possible funding opportunities or partnerships for your program are outlined in the Implementing Economic Support page of this section. Further information for creating long-term municipal funding can be found in the Program Sustainability section