How Fairmont will support local business development in 2025

How Fairmont will support local business development in 2025 Main Photo

31 Jan 2025


News

Fairmont Economic Development Authority (FEDA) leadership recently identified top initiatives for 2025. While several different programs will be prioritized during the year, most share an end goal of supporting and developing local businesses. Fairmont offers many opportunities for business growth through lending, demolition, and improvement programs and will advance these initiatives. Meanwhile, residents will benefit from increased efforts to recruit businesses, promote available sites, secure more retail options, and encourage housing development. 

Local programs promote business development

In 2025, FEDA is spreading the word about existing loans and grants supporting local businesses, funding growth, and enhancing the community’s visual appeal. A sample of the opportunities are highlighted below:

Revolving Loan Fund

Through partnerships with local lending institutions, the Fairmont Economic Development Authority supports a revolving loan fund. The fund covers the gap between financing options available for local enterprises and financing needs. Fund applicants must be a business in the city, able to demonstrate financial aptitude, and show how the business helps the region compete economically. Funds can be used for business acquisition, expansion, machinery and equipment, inventory, and real property acquisition. Investment amounts are up to $75,000 and can be amortized for up to 20 years depending on the loan terms. Applications are reviewed by city staff and lenders, a loan committee, and FEDA. Further criteria and an application are available here.

Fairmont also maintains other loan and grant programs to support economic development and enhance the community. These include:

Facade Loan Program

The facade program offers up to $5,000 for commercial business buildings to improve signage, a storefront, windows, doors, entryways, and awnings. Recipients can also invest in services, such as painting, sandblasting, and tuckpointing. This loan is forgivable over five years with 20% forgiven each year the recipient stays in business at the site. A limited allocation is available each year and is awarded on a first-come first-served basis. Explore more here.

Demolition grants

A maximum of $5,000 for residential dwellings and $10,000 for commercial structures is available for qualified applicants seeking demolition funds from Fairmont. The grant covers up to 50% of project costs and requires a blighted, vacant, or inhabitable property to be in the city limits, owned by the applicant, and current on taxes. Funds can also cover disposal fees. The goal of the grant is to improve Fairmont through the removal of blighted properties negatively impacting surrounding neighborhoods and businesses. Additional criteria and requirements can be reviewed here.

Highlight Fairmont to recruit businesses

Fairmont Economic Development is continuing efforts to bring new businesses, including retail options, to the city. As part of a business recruitment and site selection strategy, it’s necessary to effectively share what makes Fairmont special with potential businesses and residents. Throughout 2025, additional efforts will be made to share the story of our inclusive, inspiring city via community partners.

Locate new opportunities to grow

In addition to providing funding opportunities for local businesses, FEDA is dedicated to locating new funding sources to support key initiatives. We will explore ways to promote new and refurbished home growth in our community,  expand workforce initiatives, and amplify childcare programs. Forming more collaborative partnerships with community partners pursuing similar goals and using business visits to stay in touch and identify emerging needs are also key goals for the year.

Ready to partner with Fairmont Economic Development in 2025 or explore the opportunities Fairmont provides for your business? Contact us today.