Small Deal Fund Pilot Program

 

Reactivating smaller-scale vacant and underutilized buildings is at the core of revitalizing downtowns and neighborhood commercial districts. These adaptive reuse projects can provide space for new business creation, the expansion of existing businesses, community facility development, and new housing generation while also preserving the character and history of our communities.  Yet many developers report that it’s exceptionally difficult to finance these deals.   

In response to this challenge, Main Street Alabama, Opportunity Alabama (OPAL), and Main Street America are joining forces to create the Alabama Small Deal Fund Pilot Program.  This partnership will bring investment capital to 3-5 small-scale real estate development projects in Alabama’s Main Streets.? For purposes of this pilot program, small-scale projects are defined as those under $5M in total project size.  

This pilot program supports high-impact Main Street projects that will not “pencil” at conventional rates of return by cultivating Program Related Investments (PRI) or PRI-Like investments from charitable institutions (foundations, hospitals, universities, etc.)? These PRI or PRI-Like investments may be made by national, multi-state, or Alabama-based foundations and non-profits or some combination thereof. 

To learn about this program, see Program Guidelines.