- Façade Loans up to $30,000. Term: 7 years at 2%, up to 25% of loan may be forgivable.
- Forgivable loans up to $50,000 scaled with investment
- Matching marketing inducements up to $5,000
- Property acquisition and rehabilitation inducements up to $250,000
Experienced restaurateurs seeking to establish a restaurant in the LowerTown Arts District may qualify for up to $25,000 in assistance for the development of a full service restaurant.
Qualifying businesses are those that are members of the Paducah Renaissance Alliance. Forgivable loans, matching marketing inducements and property acquisition and rehab require that a business invest approximately $500,000 (including inventory), have three full-time employees, occupy at least 3,000 square feet and be open 6/7 days per week (one day being Sunday).
Historic Tax Credits – In exchange for investing in the rehabilitation of historic building, there are state and federal tax credits through Historic Preservation programs. Contact us for a full listing of properties that are eligible for these tax credits in Downtown Paducah.
Additional incentives and credits include
Approved companies may collect a cash rebate for up to 3 percent of the gross wages of each employee whose job is created by a project and who is subject to Kentucky’s individual income tax OR take credits for up to one hundred (100) percent of approved costs, for up to ten (10) years, on land, buildings, site development, and building fixtures and equipment used in new or expanded manufacturing operations. These incentives are available under the Kentucky Industrial Development Act (KIDA). Companies must create at least fifteen (15) new full-time jobs and invest at least $100,000.
Credits for up to fifty (50) percent of start-up costs and fifty (50) percent of annual rental costs or rental value, over a ten (10) year period, for new or expanding service and technology intensive projects that provide more than seventy-five (75) percent of their services to out-of-state customers and create at least fifteen (15) jobs for Kentucky residents are available under the Kentucky Jobs Development Act (KJDA).
Matching Funds Program
PRA will match marketing and promotional expenditures dollar for dollar up to the amount designated for individuals and groups of PRA member businesses and artists. This incentive is open to PRA members who have businesses in the Renaissance Area.
- See complete list of properties under Available Properties
- Kentucky Heritage Council, www.heritage.ky.gov
- Historic and Architectural Review Commission, paducahky.gov/paducah/files/u3/2007EditionLowerTown_Guideslines.pdf)
- EntrePaducah, www.entrepaducah.com
- City of Paducah, www.paducahky.gov
- Paducah's Riverfront Development Plan, www.riverfrontpaducah.com
- Paducah-McCracken County Convention & Visitors Bureau, www.paducah.travel
- Paducah Chamber of Commerce, www.paducahchamber.org