Category: GO! Downtown, Financing, GO! Business
Low interest gap financing, advocacy, and assistance for business owner renovation projects to buildings in need of significant updates for occupancy.
- Building must be owned by the applicant and intended for commercial use by the business applying.
- PCDC gap financing will amount to no more than 50% of the total project cost.
- Loan repayment terms may be structured to meet specific project criteria up to and including deferred payments, extended repayment schedules and tiered repayment schedules. 10 year maximum loan term.
- Applicant must have at least 10% equity in the project.
- To qualify for financial assistance, an application and other documents must be submitted to the Phelps County Development Corporation, and subsequently be approved by the PCDC Loan Committee before the project begins.
*Landfill Reimburment - up to $500 grant for costs aquired during demolition. Bring your receipts to the PCDC office to apply. Same qualifications as the Building Improvement Program(ie. owner occupied, significant renovation projects for commercial use, preference to historical and downtown buildings).