Downtown businesses eligible for low-interest loans
A number of local businesses have endorsed the continuation of the Fairfield Area Chamber of Commerce’s revitalization fund for the downtown.
The revitalization fund program is for new and existing retail businesses within three blocks of the Fairfield square.
Lending institutions will offer low-interest business loans to qualifying businesses in the district through Aug. 31, 2014. The five participating lending institutions are Community 1st Credit Union, First National Bank in Fairfield, Iowa State Bank & Trust Company of Fairfield, Libertyville Savings Bank and MidWestOne Bank.
Fairfield Area Chamber of Commerce director Nancy Morrissey said the revitalization program is in its 13th year. She said it has made the downtown economically vibrant.
Morrissey said she hopes the program will encourage businesses to apply for a Community Development Block Grant for downtown façade restoration.
Fairfield Mayor Ed Malloy said the chamber’s revitalization fund has helped many businesses in the downtown and has strengthened local retail.
“As we begin our planning for downtown façade restoration, the Chamber Revitalization Fund will play a vital part in restoring our square to its original glory and continue the work of beautifying our community,” he said.
The maximum size of the loans is $100,000 with a five-year guaranteed fixed rate of 3.75 percent. Other terms and conditions may be determined by the participating financial institution. The permitted uses of funds include purchasing a building, rehabilitation, equipment purchases, inventory expansion and working capital.
Although the fund applies to a limited geographic area of the city, the businesses in that zone need not be owners. Loans also are available to tenants. Applicants must be able to demonstrate a projected net increase in occupancy or jobs.
Interested parties should contact the Fairfield Area Chamber of Commerce, where application materials are available.
The applications are then reviewed by a five-member committee for recommendation and action. The phone number for the Fairfield Area Chamber of Commerce is 472-2111.