Conrad council hears proposal on "REACH" development program

It’s no secret among residents or officials that Conrad is struggling to attract businesses to its downtown area: according to GNB Bank Director of Lending Shane Tiernan, there are more empty storefronts on Main Street than there have ever been. The solution he’s proposing is an ambitious and unique new undertaking known as REACH, or Rural Economic and Capital Help.
           
REACH would provide dollar-for-dollar matching funds up to $25,000 to business owners who wish to locate in Conrad using Tax Increment Financing (TIF) funds, but one of the caveats that Tiernan established early during Thursday night’s city council meeting is that the program is specifically tailored to experienced entrepreneurs with a track record of prior success.
           
“What people need more than anything is capital, and there’s obviously a lack of capital that comes into rural areas,” he said. “We do have a lot of open storefronts, and we do need to do something to invest in them…Maybe this would help push them over the fence to come to Conrad rather than somewhere else.”
           
Council members were receptive to the idea and noted that it could be the first of its kind for a small, rural community in Iowa. Tiernan said that Chamber/Main Street and the Community Development Committee sent out 150 flyers to prospective businesses recently and received just one response. The biggest hurdle to development, he added, is capital investment.  
 
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