How loan funds can be used Loan funds can be used only for new commercial construction, to acquire commercial property for new construction, or for exterior or interior rehabilitation of existing property. Loan funds may not be used for demolition, operating funds, inventory or machinery purchase, to refinance existing debt, or to purchase property for speculative purposes. Who may apply Any present owner or prospective purchaser of property in the Central Business District is eligible to apply. The Central Business District is eligible to apply. The Central Business District is defined as the area bounded by the riverfront, Twelfth Street, Oak Street, and Payson Avenue.
Loans are subject to a variable interest rate, adjusted annually.
The loan term will be established by the lead bank. Loan terms may be amortized over a period not exceeding twenty years, but note and mortgage will mature in ten years. Security Loans must be secured by a mortgage or other commonly accepted security. Loans may require a personal guarantee. Any additional closing costs, including appraisals, are payable by the borrower.