RISE Initiative

This article is about the 2022 business incentive program. For the 2014 blight-fighting initiative, see RISE Birmingham.

The RISE Initiative (for Retention Incentives for Success and Expansion) is a small-business grant and loan program managed by the Birmingham Department for Innovation and Economic Opportunity. Its intent is to support retention and expansion of existing businesses, which are typically unable to access other business incentives.

The power for municipalities to offer economic incentives to private businesses was established by the ratification of the Alabama Economic and Industrial Development Amendment (Amendment 772) during the 2004 general election and expanded by Statewide Amendment 7 in the 2022 general election. Mayor Randall Woodfin's administration designed the program. The Birmingham City Council voted to approve the initiative in March 2022. The council must approve all specific awards under the RISE Initiative by passing resolutions finding that the grants and loans serve a public purpose.

The cash incentive and revolving loan funds distributed through the RISE Initiative are derived from the sale of property for redevelopment or surplus property. The city partners with a third party to operate the loan program.

Grants

• 2022:
• 2023:
  • SOCU Southern Kitchen & Oyster Bar, $50,000 grant
• 2024:
  • Acclinate, $30,000 grant
  • Bodega on 5th, $20,000 grant
  • Bridge + Root, $15,000 grant
  • Robert Hill Custom Tailors, $17,500 grant
  • Jōhin'na restaurant, $50,000 grant

References

• Harvey, Alec (March 29, 2022) "New Birmingham funds will support area businesses." Business Alabama
• O'Leary, A. J. (March 29, 2022) "City seeks to sweeten the deal for local businesses with RISE program." Birmingham Business Journal
• Garrison, Greg (August 23, 2023) "Chef Erica Barrett’s SOCU restaurant at Pizitz Food Hall gets $50,000 city grant." AL.com
• Short, Cody D. (January 25, 2024) "Birmingham gives 4 local businesses RISE grants totaling over $100,000." AL.com

External links

• Small Business Resources at ieo.birminghamal.gov