HAZELWOOD, MO, January 20, 2020 – Somera Road Inc., a New York-based commercial real estate firm, announces today a strategic partnership with the City of Hazelwood, Missouri, and the Hazelwood Industrial Development Authority to award a small business grant to local businesses seeking storefront space in Village Square Center. The office and retail property, located at the intersection of Lindbergh Boulevard and Interstate 270, is currently undergoing a significant redevelopment program to revitalize and re-tenant the mixed-use center.
“One of the most challenging expenses for any business - especially small business - is real estate costs,” noted Michael Ervolina, Somera Road. “The Village Square Small Business Grant will provide recipients a financial package to invest in their space and help them open for business at Village Square. Additionally, we are excited to provide the space at zero base rent, which will allow recipients the flexibility to focus on what’s most important – their business. There is enormous potential in Hazelwood and we are excited to tap into the ambitions of the local business community in partnership with City officials.”
Interested business owners and entrepreneurs are invited to apply using the Grant’s website and online application. The applicant deadline is February 28th, 2020, which will be followed by a ‘Shark Tank’ styled competition in April to select the final winners. Businesses such as restaurants, clothing boutiques, hair salons, among others may apply. The program is available for local individuals and businesses with small, existing operations or new endeavors looking for retail space.
Recipient will be awarded funds up to $10,000 to be used for startup costs associated with building out their space at Village Square. Instead of a fixed monthly rent payment, rent will be based off a percentage of sales above a pre-determined threshold, which incentivizes all parties to improve sales and to have their business be successful.
“Village Square has been a shopping destination and staple of the Hazelwood community for many years and is currently undergoing significant and much-needed renovation efforts,” noted Rebecca Ahlvin, Community and Economic Development Coordinator for the City of Hazelwood. “We are inspired to see this center become the vibrant, exciting place it once was and we see this partnership and grant program as the vehicle to kick-start that initiative.”
To apply for the Village Square Small Business Grant, visit www.villagesquaregrant.com and for more information about Somera Road Inc., visit www.someraroadinc.com.