The Greater Omaha Chamber has launched a business resiliency fund to support targeted small businesses during streetcar construction.
The Midtown Small Business Resiliency Fund will distribute about $1 million, to qualifying businesses that have been most significantly impacted by utilities work to date and will be affected once rail construction begins. Funds for distribution were given to the chamber by a donor for the chamber to distribute. The first distributions started in mid-August and are intended for businesses most severely impacted in the corridor west of Turner Boulevard on Farnam Street.
“The Greater Omaha Chamber is proud to launch the Midtown Small Business Resiliency Fund,” said Heath Mello, president & CEO of the Greater Omaha Chamber. “At the donor’s request, the Chamber will serve as administrator of this fund, which will provide critical support to businesses west of Turner Boulevard along Farnam Street. This fund was created after listening closely to small businesses that are experiencing the greatest and longest disruptions from streetcar construction.”
“While we are already seeing the economic development the streetcar is bringing, we also acknowledge and stand ready to help the businesses that are most affected from this period of disruption,” Mello said. “The streetcar will be a boon for Omaha’s economy and vibrancy, and the resiliency fund reflects our commitment to easing the temporary hardships that come with this progress.”
The streetcar project brings ongoing and significant disruption to neighborhood businesses, including restaurants, retailers and bars. As a result, businesses in this zone are at a greater risk to suffer reduced customer access, lower sales and potential staffing reductions. The fund is designed to help mitigate the operational and financial disruption caused by construction activity.
Funding will be distributed to property owners and managers to, in turn, distribute in whole to their qualifying business tenants in the form of direct cash contributions or reduced rent.
Omaha Mayor John W. Ewing Jr. expressed his gratitude for the chamber as the city does not offer a relief fund for businesses impacted by disruptive projects. He also urged the public to support impacted businesses.
“We need to get through this period together,” said Ewing. “I call on Omahans to do what they can to support our businesses along the entire streetcar route.”
Qualifying businesses include those along Farnam Street west of Turner Boulevard where the streetcar will run east and west. Businesses must be physically located within the defined target area; have a lease effective August 1, 2025; and be a retail or food-and-beverage establishment. Funding is distributed to property owners pro-rata relative to the amount of square feet occupied by eligible small businesses, who in turn support tenants taking a similar approach. Participating property owners are also required to provide additional support to their tenants over the next two years, equal to 25 percent of the grant award. It is estimated that approximately 50-60 small businesses will ultimately benefit from the support.
While construction will affect other areas of the city, the impact along this stretch of Farnam is expected to be the most severe and prolonged as the area is two-way traffic with streetcar track being laid on both sides of the road, reducing traffic to one way or closing intersections all together, and eliminating on-street parking.
The private donor supporting the fund has asked to remain anonymous.
Photo by Eric Miller