Tourism Product Development Fund Grant

The Buncombe County Tourism Development Authority’s Tourism Product Development Fund (TPDF) aims to provide financial assistance for major tourism capital projects. Its core mission is to increase patronage of lodging properties and further economic development within Buncombe County. The fund aligns with the broader goal of fostering sustainable growth and enhancing the region as a desirable destination. The target beneficiaries of the TPDF are non-profit organizations and government entities that develop major tourism capital projects. The impact goals are to create jobs, foster entrepreneurial opportunities, provide amenities for both residents and visitors, and ultimately increase overnight lodging stays in Buncombe County. Projects that directly increase lodging stays or support larger initiatives to do so are evaluated equally. The TPDF prioritizes capital investments, focusing on "brick and mortar" projects. Operational expenses are not considered for funding, though design fees already expended can count towards the required 1-to-1 funding match. Projects must be principally located in Buncombe County, demonstrate the ability to increase lodging patronage, and not solely benefit a single lodging owner or property. Applicants must also have legal control of the property and show how they will achieve a minimum 1-to-1 funding match. Expected outcomes include enhanced financial stability for requesting organizations, successful and sustainable project operations, and effective sales and marketing plans that draw visitation. The TPDF also seeks projects that differentiate the destination through brand alignment, uniqueness, and innovation, and those that promote the local creative sector. Measurable results are assessed by the ratio of overnight lodging generated to funding requested, and the project's ability to create new and incremental room nights, not just pull from existing visitors. Furthermore, the TPDF aligns with BCTDA’s strategic imperatives to deliver balanced recovery and sustainable growth by distributing visitors geographically and seasonally. Projects that encourage safe and responsible travel, and those that support engagement with and appeal to more diverse audiences, receive greater consideration. The overarching theory of change is that strategic capital investments in tourism infrastructure will lead to increased visitor numbers, economic benefits, and a more vibrant community, all while ensuring sustainable and equitable development.