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Downtown Low Interest Loan Program

October 15, 2015

Category: Downtown, Incentive, Loan, Resource

Downtown Low Interest Loan Program

*application attached

DESIGNATED AREAS - Downtown areas as determined by each community.

MAXIMUM & MINIMUM LOAN AMOUNTMaximum loan under this program will be $250,000 per project.

Each institution maintains the right to use its own underwriting criteria when considering each participation.

Minimum loan will be $5,000.

TERM - Loans shall have a term of five years.

INTEREST RATE - The interest rate shall be fixed at 4.9% for the term of the loan.

AMORTIZATION - Loans for this program may have up to a twenty year amortization on real estate purchase loans. For renovation or leasehold improvement loans, the amortization may be up to ten years. Actual amortization shall be determined by the type and age of collateral and could be less than twenty and ten years, respectively.

ELIGIBLE ACTIVITIES - Projects eligible for this program include facade and/or interior renovation, upper story renovation, additions, new construction, leasehold improvements, and/or acquisition of commercial property located in the above mentioned "DESIGNATED AREAS." The real estate acquisition component of the program requires a "significant" interior or exterior renovation/improvement project to accompany the purchase. "Significant" renovation/improvement will be defined as the greater of $10,000 or 10 percent of the purchase price.

Projects must complement the vision of a revitalized downtown. If there is any question about eligibility of a project, approval will be determined by a consensus of the Jackson County Review Committee. All decisions made by the committee will be considered final.

COLLATERAL - As negotiated with participating financial institutions.

PARTICIPATING FINANCIAL INSTITUTIONS/COMMITTMENT The  following financial institutions have committed to this program :


  • Bellevue State Bank -                             $500,000
  • Maquoketa State Bank -                         $1,000,000
  • DuTrac Community Credit Union -          $1,000,000
  • Fidelity Bank & Trust -                             $250,000
  • Clinton National Bank -                           $500,000
  • U.S. Bank -                                             $1,000,000

         Total -                                                       $4,250,000

Tags: Downtown, Loan, start a business, development, incentive, resource

Fast Fact Image

Photos throughout the JCEA Website are courtesy of David Namanny, Bellevue Herald Leader, The Bellevue Chamber of Commerce, The Maquoketa Chamber of Commerce, and Patti Hoffman, who represents Preston Growth and Development and The Preston Times.