Downtown Olean
Reflecting a nationwide trend in urban revitalization, the City of Olean and Greater Olean Area Chamber of Commerce have developed a unique approach to encourage businesses to move to the central business district. The Olean Downtown Grant/Loan Program offers two financing options as incentives for business owners to defray the cost of renovations to existing downtown buildings. Grants are available for up to 60% of a project¹s total costs to a maximum of $20,000. In addition, low-interest business loans are available for up to 40% of a project's costs, not to exceed $20,000, with interest rates as low as 5% for 7 to 10 years. The minimum financing amount for either option is $3,000.
The funding can be used for a wide range of interior and exterior renovations including façade improvements such as lighting, signage and awnings; exterior repairs and renovations to roofing, foundations and building structure; and interior space renovations and upgrades including electrical work, HVAC systems, plumbing, flooring, walls and more.
Downtown Olean is already a popular spot for locals and visitors, with a reputation for an outstanding range of restaurants. In addition, the city hosts events throughout the year that draw people from the entire region, including the annual Home and Garden How, Art in the Park, Taste of Olean and the festive Santa Claus Parade. 
"Our goal with this program is to make opening a business in our community as attractive and affordable as possible," said John Sayegh, Chief Operating Officer of the Greater Olean Area Chamber of Commerce.
The city's central business district also boasts ample free off-street parking and Lincoln Park, making the downtown area even more attractive for business. "We currently have a number of available spaces in existing buildings that are ideal for renovation," noted Sayegh. "This program is a unique opportunity for both start-up and expanding businesses."
Olean Mayor David Carucci agreed. "We're committed to making our downtown the best place in the region for businesses and residents alike," he stated. "Olean offers the perfect balance of hometown charm and urban energy."
For more information about the Downtown Grant/Loan Program, or to schedule a tour of available properties, contact Mary George with the City of Olean Comunity Development at (716) 376-5647, by email mgeorge@cityofolean.org, John Sayegh (716) 372-4433, by email jsayegh@oleanny.com, or Mark Sabella with the Rural Revitalization Corp. at (716) 945-3120, by email msabella@rrcorp.org.
Available Storefronts on North Union Street
Downtown Grant/Loan Program Application with target area map
