TROY — The Troy Reinvestment Fund (TRF) was recently created to assist businesses and organizations seeking to preserve and enhance the community’s economic vitality. The fund will accomplish this by providing gap funding loans and loan guarantees to businesses and organizations seeking to preserve and enhance the community’s economic vitality. The recently created not-for-profit organization is based in and focuses on the city of Troy, and the initial incorporators of the TRF are residents Mike Earhart, Doug Lins and Mike Twiss.
The TRF’s support of a project, whether for a building reuse effort or a workforce development program, could be the difference between the concept happening or not happening. The goal of the Fund is to incentivize and bridge gaps between projects that may not otherwise be deemed financially feasible. Funds like the TRF are being established across the state and country to revitalize communities through the redevelopment and/or repurposing of vacant buildings or depressed areas.
Initial funding for the TRF will come from the Troy Foundation in the amount of $1 million dollars.
“The Troy Foundation is excited about our commitment to provide the seed money for the Troy Reinvestment Fund. The Fund will be a great asset to the community and will help promote economic vitality and revitalization of the city. We would like to invite individuals, businesses, and organizations that have an interest in the type of economic development projects that the TRF will fund, to join us in donating to the fund,” said Melissa Kleptz, executive director of the Troy Foundation.
Congressman Warren Davidson stated, “Renewing our local communities is at the core of my congressional service. From working to lower burdensome taxes to supporting policies like the Federal Historic Tax Credit, encouraging economic development is vital. I am excited that the Troy Reinvestment Fund will be involved in this effort at the local level.”
Other revolving loan funds can be found nearby in the communities of Piqua, Springfield, Dayton, and Hamilton, and support projects that are like the goals of the TRF. In Springfield, the SpringForward Fund spent $1.75 million to purchase and renovate a 100-year-old market from the city of Springfield, which is now home to COhatch “Market”, providing a year-round marketplace, shared kitchen, food hall, and event space. The CORE Fund in Hamilton is responsible for the 150 High Street and STARTEK project which highlights the reuse of a vacant Elder Beerman building and transforming it into space for businesses, including an international call center. This project created nearly 700 new jobs. The TRF was created to provide this support in our own community.
Contributions to the TRF come solely from individuals, businesses and organizations. To learn how you can participate, please contact Mike Twiss, President of TRF at (937) 760-3884.