Commercial rehabilitation loan to support downtown revitalization
Published 12:09 pm Thursday, July 5, 2018
by Amanda Jarratt
The City of Franklin, through the repayments from previous low-interest loans, has established a revolving loan fund that is to be used for the restoration, renovation, rehabilitation and preservation of commercial buildings within the corporate limits of the City of Franklin. Applicants may apply for up to $35,000 in funding over a seven-year period at prime plus 1 percent.
Application eligibility requirements are as follows: the application must be for a new loan; no refinancing of an earlier low interest loan will be accepted. The applicant must have no current delinquent payments or any delinquent payments from up to 1 year prior to loan application. Finally, the applicant must be in good standings with the City of Franklin.
In addition to the application form, participants must submit a design approval packet, financial approval information, and estimates from a qualified contractor. Loan applications will be approved by a committee appointed by Franklin City Council consisting of a representative of the City of Franklin, Franklin Southampton Economic Development Inc., the Downtown Franklin Association and the Franklin Southampton Area Chamber of Commerce.
Mayor Frank Rabil spoke on the impact the program will have within the community: “Franklin City Council is working diligently to provide supportive, investable options for the city. Our doors are open for business; the Commercial Rehabilitation Loan program is one of the many new initiatives we have to roll out in support of businesses located in Franklin.”
For full application rules and specifications, please contact the Franklin Southampton Economic Development office at 562-1958.
AMANDA JARRATT is president and CEO, Franklin Southampton Economic Development Inc.