Take advantage of city’s commercial rehab loan

Published 10:33 am Monday, July 9, 2018

A walkable, historic downtown, complete with brick storefronts and street lamps, is one of the perks of living in a small town or even a city like Franklin.

However, those same storefronts, if not maintained, can just as easily become a blight. Fortunately, Franklin’s City Council recognizes the value in preserving the city’s numerous examples of Victorian and early 20th century commercial architecture.

To that end, it has for the past several years offered a low-interest loan program for the renovation, rehabilitation and preservation of commercial buildings within the city limits.

According to Amanda Jarratt, president of Franklin-Southampton Economic Development Inc., applicants may apply for up to $35,000 in funding over a seven-year period at prime plus 1 percent.

The cost of renovations tends to increase every year, while at the same time, the scope of the renovations needed may also increase if buildings are allowed to deteriorate further. This is why we encourage all business owners in Franklin — whether located downtown or elsewhere in the city, and prospective business owners considering purchasing commercial property in the Franklin — to take advantage of this offer sooner rather than later.

There are eligibility requirements, including having no current or outstanding delinquent payments from up to one year prior to the loan application, and being in good standing with the City of Franklin government. For full application rules, contact the FSEDI office at 562-1958.