Trustee: Main Street Arkansas
Little Rock, AR
Why are you interested in becoming a Trustee?
To help small businesses located in Main Street Arkansas cities obtain funding to grow local economies.
What is the mission of your organization?
The mission of Main Street Arkansas is to be the leading resource for communities seeking to revitalize their historic downtown commercial districts and to provide technical assistance and expertise to designated Main Street Arkansas communities through the implementation of the National Trust’s Main Street Center’s comprehensive Four-Point Approach™. Main Street Arkansas is a preservation-based economic development program housed in the Arkansas Historic Preservation Program, an agency of the Department of Arkansas Heritage.
In the past, how effective have you been in achieving this mission?
The economic development achievements of Main Street Arkansas continued to grow during 2012. The cities involved in Main Street recorded 252 new jobs during the year, as well as a net gain of 59 new businesses and 16 business expansions and relocations into downtown areas. The 17 towns saw 64 façade renovations, building rehabilitations and new construction projects in their downtown areas, representing $3,866,735 in public and private investment. The Main Street cities recorded 22 Main Street generated public improvement projects reflecting $108,459 in public and private investment during 2012, and logged in 16,294 volunteer hours during the year. Since its inception in 1984, Main Street Arkansas cities have yielded a net gain of 5,244 jobs, 1,068 new businesses and 993 business expansions and relocations into downtown. A total of $144,135,226 in investment has financed 13,083 façade renovations, rehabilitations and new construction projects. The Main Street cities have seen 1,018 public improvement projects valued at $22,844,473 and 512,392 volunteer hours on Main Street projects.
Do you belong to any organizational networks -- nationally, regionally, or locally? If yes, please list.
The National Trust for Historic Preservation’s National Main Street Center, Historic Preservation Alliance of Arkansas, a member of the Arkansas Community Development Society and we are sponsored by the Arkansas Economic Development Commission.
How will you decide who to endorse as a borrower? What due diligence will you conduct?
Only borrowers who are willing to work with all three members of our comprehensive consulting team will be considered. Borrowers will be assessed in the following areas: character & personality, business model, financial considerations, business considerations and loan purpose/impact.
How do you plan to support the borrower, both before and after the loan is disbursed?
No cost, one-on-one small business advising with three seasoned professionals trained in the areas of small business principals/survival techniques, interior design and exterior design will be required prior to loan disbursal. This three-pronged consulting approach will be utilized to help the business become a “destination shopping experience” in the community. After the loan is disbursed, we're committed to checking in with our clients on a monthly basis to compare their progress to outlined objectives. We will always be available by phone and other visits can be scheduled at their request to ensure success and to make sure they are on target to meet or exceed their financial goals.
How will you help us ensure that the loans you endorse have a significant and positive social impact?
We will only endorse and work with entrepreneurs that are dedicated to creating a viable business that is an asset to their community and also a sustainable business model.
About Main Street Arkansas
- Trustee Type:
- State Agency
- Second Tier trustee
- On Zip Since:
- Mar 14, 2013
- Loans Endorsed:
- Total Value:
- Paying on Time:
- Paying Back Late:
- Repaid in Full:
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- Repayment Rate:
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