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Economic development officials seek $4 million strategic fund infusion; council presses for clearer small-business outreach
Summary
Wilmington's economic development staff told the finance committee on April 20 they are requesting a $4 million strategic-fund infusion (with $1 million for small/minority businesses) and cited wage-tax gains from prior investments; council members pressed for clearer outreach to neighborhood businesses and a more even geographic distribution of funding.
At an April 20 finance committee hearing, the Office of Economic Development presented its FY27 budget overview and outlined a requested $4 million infusion into the city's strategic fund, including a $1 million set-aside for small and minority-owned businesses.
Director Sean Park described the office's approach to increasing wage-tax and property-tax revenue through business attraction, retention and targeted incentive spending. Peter Weir, economic development project manager, said the city tracks wage-tax receipts tied to strategic-fund investments: "our absolute total wage tax received from our strategic fund businesses is $168,900,819," he said, noting that total strategic-fund investments over the program's life are roughly $19.5 million.
Staff described the Grow Wilmington loan activity (roughly $4,997,000 in loans across nine Wilmington businesses, per staff presentation) and said $812,984 remains available in that fund. The office also said it plans to request $1,000,000 in strategic funds specifically earmarked for small/minority-business aid and that the FY27 operating budget includes $25,700 for advertising and outreach, with $2,000 set aside specifically for SMBEO advertising and programming.
Council members asked for more transparency and easier access for small businesses. Several members said OED's website and outreach materials are difficult for small merchants to navigate and urged a single point of contact or direct phone line for entrepreneurs. "If you just go to the small business site, it kind of directs you to state and federal resources, but there's no doorway into what the city has to offer," one councilmember said.
Staff said they will continue DBE days, advertise grant/incentive opportunities and coordinate an economic development strategic plan with Newcastle County (expected to produce proposals for council consideration by October). They also said consultants and partners will assist with DDD (downtown development district) outreach and Opportunity Zone nominations to the governor.
Ending: Council asked OED to provide additional district-level breakdowns of strategic-fund spending and to improve small-business navigation and a named contact method for entrepreneurs.
