RISE
RISE: Retention Incentives for Success and Expansion
The Office of Business Diversity and Opportunity (OBDO), under Birmingham’s Department of Innovation and Economic Opportunity, proudly supports RISE, an innovative initiative designed to foster the growth and sustainability of Birmingham-based businesses.
RISE, which stands for Retention Incentives for Success and Expansion, establishes two dedicated funds to provide vital resources for local businesses, ensuring their long-term success and contribution to Birmingham’s economy.
What is RISE?
RISE is a strategic program focused on strengthening Birmingham’s business community by prioritizing business retention and expansion. Unlike traditional initiatives that emphasize recruitment, RISE addresses the critical need for sustaining and growing existing businesses within the city.
How It Works
The RISE program is funded through a city ordinance, allocating 7% of revenues from specific sales transactions tied to redevelopment agreements, surplus assets, or sales above market value. These funds are divided into two key programs:
Cash Incentive Fund (4%): Designed to support legacy businesses—those with a longstanding history of serving the community.
Revolving Loan Fund (3%): Targeted to assist small businesses with critical funding needs.
These resources will be available in perpetuity to strengthen Birmingham’s local economy and maintain a thriving business ecosystem.
Eligibility
Businesses operating within the city of Birmingham may qualify for RISE funds if they meet the following criteria:
- Retaining or expanding their employee base.
- Operating as a new startup creating at least five full-time jobs.
- Small businesses that have been declined for traditional loans.
Designed to support legacy businesses—those with a longstanding history of serving the community.
Targeted to assist small businesses with critical funding needs.
Mayor's Vision
“The health and longevity of our local businesses are a priority,” said Mayor Randall L. Woodfin. “A strong business community makes for a strong economy and a thriving city. I am committed to supporting the success of our business owners.”
Leadership Commitment
“Many municipalities focus on recruitment efforts but often overlook retention and expansion,” noted Cornell Wesley, Director of the Department of Innovation and Economic Opportunity. “RISE is a game-changing approach that ensures Birmingham businesses have the resources they need to remain and grow.”
RISE reflects the City of Birmingham’s commitment to creating a sustainable and equitable environment for businesses of all sizes. With this program, Birmingham is laying the groundwork for a prosperous economic future.
RISE is not currently accepting new applications. Please check back periodically for updates.
