The City of Greensboro has launched a new initiative to support redevelopment efforts across the city. The program is called Revitalize, Invest, Strengthen, and Expand, or RISE Infill.
It’s geared toward the small property owner, landlord or real estate developer who has received a loan that falls short of covering all their construction project needs. That’s where, assuming they qualify, RISE Infill comes into play.
Greensboro Economic Development Manager Marshall Yandle says it begins by connecting them with one of four participating community banks.
"This would help in terms of sort of a mezzanine or gap financing program for commercial construction loans," says Yandle. "So areas of reinvestment — areas and corridors — that need a little extra help to get over the finish line."
He says the lender does the research, due diligence and underwriting. The city validates the geography and other requirements and participates in the loan as it moves forward.
Yandle says RISE Infill targets several reinvestment corridors and areas throughout the city, including downtown, West Market Street and East Gate City Boulevard.