Below are frequently asked questions regarding the Kensington Avenue Storefront Challenge:
1. When are applications due?
Applications are due on November 1, 2017.
2. Where do I send my application:
All applications are to be submitted by email in a single PDF format to email@example.com
3. What if I can’t format my application into a single PDF?
Please contact firstname.lastname@example.org in advance if you have trouble formatting your application. Applications containing multiple attachments will not be accepted without prior approval.
4. What type of businesses are invited to apply?
All business types are encouraged to apply. We’ll be evaluating how each applicant might attract customers in this specific marketplace and how each will find success, increase foot traffic and work with the other local businesses and residents. The spaces range in size from approximately 1,000 - 3,000 SF.
5. Are start-ups eligible?
Yes. All applicants must prove themselves to have a viable, strong business concept that is a fit for the location with motivated business owners who show that they are able to execute their plans.
6. What if I don’t have a Business Plan?
We do not provide direct assistance in writing a business plan but both Impact Services and NKCDC can provide you with basic business plan templates as well as referrals to local Small Business Development Centers (SBDCs). See contact info for Kae at NKCDC, and Rolando at Impact Services in the "What Do I Do Next?" section above.
7. Are these properties for sale?
These properties are not immediately for sale. We are open to negotiating a sale after the lease period for winning applicants.
8. How much will rent be after the first year?
Each winning applicant will be invited to meet with Shift Capital to negotiate specific lease terms. We’re offering up to 1 year rent free on a longer term lease and up to $10,000 toward interior improvements. The details of each lease will be individually negotiated to suit applicants and their specific needs.
9. Can I visit these properties in person?
All properties will be open for viewing on Saturday, October 7th from noon-2pm. You are welcome to bring a contractor but it is not required.
10. On what criteria will applications be evaluated?
Applicants will be evaluated on their viability on Kensington Avenue, their motivation and ability to execute their plan, as well as the strength of their Business Plan and financials.
11. Is everything I submit confidential and who will it be shared with exactly?
All information submitted is confidential. It will be shared with the Review Committee only who will be required to sign a Confidentiality Agreement.
12. What happens if I am selected and I’m not ready to implement my plan?
Challenge applicants should be prepared to implement their plans within 6 months. The goal is for all businesses to be in place by Summer 2018. If there is a delay or proposed change to timeline it should be immediately communicated to Shift Capital. We’ll be looking closely at what it will take for your business to be ready to open during our goal timeline and this will be part of the evaluation of each application.