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Council approves $5M 'CAN DO' capital program to accelerate local small businesses
Summary
Fayetteville approved a $5 million CAN DO program (including a $2.5M state allocation matched by the city) to provide non‑interest capital to qualifying small businesses in low- and moderate-income census tracts. The program requires job creation benchmarks and performance reporting.
The Fayetteville City Council on Dec. 9 approved the CAN DO small-business accelerator, a $5 million program combining a $2.5 million state allocation with a city match to provide non‑interest capital for eligible small businesses in low‑ and moderate‑income census tracts.
Robbo (Fayetteville Cumberland Economic Development Corporation) outlined the program as an "accelerator" rather than a rescue fund: applicants may seek up to $750,000 (average expected $100,000–$500,000). Projects must create one job for every $25,000 of funding and create or retain five positions overall; qualifying hires must be full-time and the employer must commit to a wage at least 10% above the median for that job classification. Projects will be scored for viability, support of local procurement and jobs created per dollar; additional points will be awarded to minority-, women- and veteran‑owned businesses and to firms in aerospace, defense or cybersecurity sectors.
Robbo said the program will require security and documentation (titles on vehicles, positions on real estate) and will be structured case-by-case; loan-committee review and council public hearings will be part of the approval process. Council voted unanimously to approve and launch the program, with staff aiming to begin marketing and open the application portal in January 2025.
Councilmembers and stakeholders noted the program's role in an ecosystem of business support that includes the Hub, FTCC and other small‑business services, with the goal of accelerating businesses from small operations to employers that can bid on larger local contracts.
