City of Greensboro Launches RISE Infill to Support Commercial Redevelopment

The City of Greensboro today announced the launch of RISE Infill, a new loan participation program that partners with private lenders to support redevelopment of underutilized commercial properties, renovation of vacant or aging buildings, and mixed-use investment within designated reinvestment areas and corridors across the city.

RISE Infill is the first initiative associated with the City's broader emerging RISE framework, intended to help coordinate future economic development and redevelopment tools and initiatives.

"Redevelopment projects are often more complicated to finance than traditional new construction projects, particularly in older commercial areas," said Economic Development Manager Marshall Yandle. "For example, a developer may purchase an underutilized two-story building downtown with plans to renovate the ground floor for retail or restaurant space and activate the upper floor with apartments or offices. Even with private financing and developer equity committed, there can still be a remaining financing gap that prevents the project from moving forward. RISE Infill gives the City a way to partner with lenders to help close that gap and support projects that can create long-term investment and community benefit."

Through RISE Infill, the City may participate in loans originated and underwritten by participating lenders, helping leverage additional private investment into eligible commercial and mixed-use redevelopment projects.

Borrowers work directly with participating lenders, who originate, underwrite, close, and service the loans.

The program is currently available through the following participating lenders:

• Towne Bank

• First Bank

• United Community Bank

• M&F Bank

"Towne Bank commends the City of Greensboro for its leadership in launching this impactful redevelopment initiative," said Scott Baker, Triad President for Towne Bank. "The City's commitment to partnering with the banking community in a practical and meaningful way enhances lending opportunities for small businesses and investors while strengthening the overall investment climate."

"First Bank is excited about the opportunity to partner with the City of Greensboro, business owners, and developers through the RISE Infill program," said John Vestal, Senior Vice President and Regional Executive for First Bank. "The City team has done a great job working to make this program a success for all partners."

"United Community Bank is pleased to participate in the RISE Infill Program," said Justin Spradley, Senior Vice President for United Community Bank. "This initiative creates new opportunities for redevelopment projects that may not otherwise move forward while helping strengthen Greensboro through thoughtful investment."

"We're grateful for the opportunity to be part of this effort with the City of Greensboro," said James H. Sills, CEO of M&F Bank. "This is the kind of work that really matters to us-helping ideas move from the drawing board into something tangible that benefits neighborhoods and small businesses. It's exciting to be working alongside partners who care just as deeply about creating that kind of impact."

More information, including program details and eligibility, is available at: www.greensboro-nc.gov/riseinfill

Greensboro's Office of Economic Development provides complementary support to citywide and regional economic development efforts and to the entrepreneurial ecosystem of Greensboro through individualized constituent services and specialized programs. For more information, visit www.selectgreensboro.com.