A storefront on Main Street may soon be taken over by the Town and filled with artisans and provide a range of resources for businesses trying to get off the ground.
The Town Council gave the greenlight recently to an economic development program that could increase tax revenue by fostering new small businesses.
The program, expected to open by the end of March, will be in the heart of downtown in the retail space at 261 Main St. occupied until recently by the UMM Shop: Underground Minerals and More.
The Town will assume the lease at least through the end of the fiscal year ending June 30, according to the council’s approval in February. The program is intended as an 18-month pilot project, but would need council support to continue into the next fiscal year.
The council authorized spending up to $25,000 on the program from $100,000 budgeted last year for small business support.
Tentatively to be called The Neighborhood Exchange, this program will serve as both a retail market and a centralized entrepreneurial hub, according to DeCarlo Brown, the town’s director of planning and economic development.
As a retail market, it will showcase residents’ handmade arts and crafts. Participating artisans will share the rent through a percentage of sales.
The rear of the space will offer educational resources and mentorship for aspiring business owners.
The town’s planning and economic development office, which will temporarily operate the retail portion of the program, will use this space while Town Hall is under construction and will provide the educational guidance to entrepreneurs.
Brown proposed this development model to the Town Council at the Feb. 10 council meeting and explained that he envisions the exchange as a one-stop shop for local innovation.
Some products that have been sold at the UMM Shop will be among the products available, he said.
“Residents can walk in with the idea of starting a business and walk away with a path to developing that business plan, an application to sell their goods in the storefront, an understanding of local regulations, and a list of free resources,” said Brown.
While voting 3-1 in favor of the plan, council members asked for regular updates on the program’s impacts and progress, including potential improvements in the program and opportunities for extending the lease. Council Chair John James voted no and Councilor Sam Flinkstrom was absent.
