The City of Mobile has officially opened applications for a major new financing program aimed at shaping the next chapter of development across the city.
The City of Mobile is now accepting proposals for the Senator Richard Shelby Downtown Economic Development Revolving Loan Fund, a $50 million pool designed to support redevelopment, job creation, and long-term growth.
Unlike traditional grant programs that are spent once and gone, this fund is built to keep working over time.
As loans are repaid, those dollars roll back into the program, creating new opportunities for future projects and keeping momentum moving forward.
How the Revolving Loan Fund Works
The concept behind the revolving loan fund is simple and durable. Approved projects receive financing, complete their work, and repay the loan under agreed terms.
Those repayments then become the source of funding for the next round of projects.
City leaders say this structure allows one investment to support multiple waves of development instead of a single moment in time.
The goal is steady, sustained progress that strengthens the economic foundation year after year, rather than short-term wins that fade quickly.
Honoring a Longtime Champion of Mobile
The program is named in honor of former U.S. Senator Richard Shelby, whose work in Washington helped direct significant resources toward Mobile during his tenure.
City officials say the fund reflects that legacy by continuing to invest in projects that shape the city’s future.
The financing program was created through Congressionally Directed Spending in the Consolidated Appropriations Act of 2023 and awarded as a Community Project Funding allocation.
Administration is handled locally, in coordination with the U.S. Department of Housing and Urban Development and the office of U.S. Senator Katie Britt.
Projects That Can Qualify for Funding
The city says a wide range of projects may be eligible, provided they meet federal guidelines and program criteria. While the fund carries “downtown” in its name, projects are not required to be located downtown to qualify.
Eligible categories include hotel development and renovation, such as new construction or upgrades to existing properties.
Parking infrastructure improvements are also included, covering new facilities, garage upgrades, ADA improvements, safety enhancements, and signage.
Higher education and workforce development projects are another focus, including academic buildings, student housing, research centers, and training facilities developed with local institutions.
Commercial and mixed-use development rounds out the list, covering redevelopment of vacant or underused properties, façade improvements, streetscape upgrades, and projects that support small businesses.
Loan Terms and What Applicants Need
Loan terms will vary based on the scope and structure of each project. The minimum loan amount is $1 million, with interest rates expected to come in below market rate.
Repayment schedules will be tailored to individual projects while remaining within federal requirements.
Applicants must demonstrate the ability to manage federal funds, complete projects within required timelines, and repay the loan. Requirements include active SAM.gov registration, documentation showing repayment capacity, proposed collateral, and compliance with HUD regulations.
Construction projects must also complete a Phase I Environmental Review meeting federal standards.
Initial application reviews begin March 2, with higher education-related applications reviewed on a rolling basis.
How and Where to Apply
Applications can be downloaded directly from the city and submitted either by hand delivery or by mail to the Neighborhood Development Department at Government Street or the city’s post office box.
City officials say the fund represents a long-term commitment to thoughtful growth, with each approved project adding another layer to Mobile’s evolving skyline and economic story.
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