Development and Projects > Restaurant Row Loan Program
Restaurant Row is a project proposed to recruit at least ten new dinner restaurants within a compact area of downtown, generally along 4th Street between the Stevens Center and Main Street. Emphasis will be placed on the recruitment of applicants that are already in the restaurant ownership and management business.
The concept of a Restaurant Row area is designed to work in tandem with the development of an Urban Entertainment District, to be anchored largely by live music venues and other forms of entertainment. Restaurant Row will include lunch and dinner restaurants all within easy walking distance of each other, and within easy, safe walking distance of public parking.
Federal funding has been approved for the City of Winston-Salem to provide subordinated financing to restaurant owners interested in Restaurant Row. With input from Wachovia and BB&T, a private-public restaurant loan program has been created whereby the City of Winston-Salem will be able to provide a subordinated loan equal to 37.5% of a project cost, up to $150,000 per applicant subject to the applicant and participating lender providing 62.5% percent of the project cost. Interest rates are 3-5 percent; term up to 15 years. Loan repayments deferred for 2 years.
In order to encourage the concentration of restaurants in a compact pedestrian friendly area, 3% loans are available for new restaurants locating in the street segments shown on the map in red. However, for any dinner restaurant interested in locating in area of downtown zoned CB, illustrated in yellow, loans are available at 5% interest.
Assistance is available...
Building Rehabilitation Program (formerly Façade Improvement Program):
Deferred payment loans up to $10,000 per building. Loan repayment deferred for 5 years. At the end of 5 years, balance forgiven in full if the property has been maintained.
Historic Rehab Investment Tax Credits:
Equal to 40 percent of rehab cost for National Register eligible buildings.
CONTACT: Ruben Gonzales at City of Winston-Salem Development Office, (336) 747-7474 or e-mail at
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