In a bid to rejuvenate the Myrtle-Moncrief Avenue B Business Corridor in Jacksonville, the city has announced a collaboration with Pinnacle Financial Partners. This partnership is set to provide a vital financial lifeline to commercial property owners in an area that has long struggled with securing short-term loans.
The initiative aims to bolster neighborhood safety and aesthetics, thereby lifting property values. According to the City of Jacksonville's announcement, Pinnacle will offer short-term project financing to those approved for the corridor's improvement program. Despite the historical reticence of financial institutions to invest due to perceived risks, Pinnacle has committed to bridging this gap.
"This is another winning partnership with the city that will help reignite growth in the community," Brenda Bellard Harris, Community Development Coordinator at Pinnacle’s Riverside office, told the City of Jacksonville. She adds that being involved in the locale's renewal, particularly so close to their new office, stands as a point of pride and a direct reflection of Pinnacle's mission to amplify its positive impact within the communities it serves.
The City of Jacksonville also expressed its gratitude towards Pinnacle for offering such a significant resource to the community. Complementing the financial support, the Office of Economic Development, have brought the Beaver Street Enterprise Center (BSEC) on board to provide technical aid to applicants. Property owners eligible for the program will get help from BSEC with applications and necessary submissions to streamline their involvement in the revitalization efforts.
