Riverview is aiming to support local businesses, attract new investment and grow its commercial tax base.

Councillors approved changes to the town’s commercial development grant program during a meeting earlier in August.

“These updates will ensure the Commercial Development Grant continues to be a strong driver of business development, while also making it more accessible, transparent, and aligned with Riverview’s values,” Mayor Andrew LeBlanc said in a news release.

Only projects with a commercial component will be eligible, including mixed-use projects that include, for example, at least 50 per cent of the ground floor space for commercial use.

The grant can now be combined with the town’s Housing Accelerator Fund Affordable and 3-Bedroom Unit Development Grant to create more opportunities for mixed-use projects.

The project value threshold has been lowered from $500,000 to $200,000 in projected increase of provincially assessed property value to better accommodate the scale of renovations and expansions undertaken by small and medium-sized enterprises.

An annual $400,000 program cap, a shortened payment timespan of five years and an adjusted declining payment scale will allow more businesses to take part.

Colin Smith, the town’s chief administrative officer, said their team has taken a thoughtful approach in redesigning this program.

“We considered past outcomes, engaged with local business owners, and examined where improvements could be made to better reflect Riverview’s unique needs,” Smith said in the release.

“The result is a program that not only supports business growth but also reinforces our strategic priorities.”

A full relaunch campaign will take place to update local business owners, developers and entrepreneurs of the changes.