Jackson County announces downtown low interest loan program

(Jackson County, IA) October 15th, 2015 – The Jackson County Economic Alliance (JCEA) in cooperation with the financial institutions in Jackson County is announcing the establishment of a low interest loan program targeted to the downtowns in Jackson County communities.

Six financial institutions, including Bellevue State Bank, Maquoketa State Bank, DuTrac Community Credit Union, Fidelity Bank & Trust, Clinton National Bank, and U.S. Bank have collectively committed $3.75 million dollars to this loan program. The interest rate for these fund is fixed at 3% for a five year period, and all loans are subject to the underwriting criteria of each individual financial institution.

Eligible projects for this loan program include façade and/or interior renovation, upper story renovation, additions, new construction, leasehold improvements, and/or acquisition of commercial property in a downtown district. Projects must complement the vision of a revitalized downtown.

Dave Heiar, the Jackson County Economic Alliance Director stated, “Downtowns are the heart of each community. People often judge the health of a community by the health of their downtown, so it is critical to have an attractive and an inviting downtown district.”

“It is exciting to see all the local financial institutions of Jackson County committing loan funds to enhance our many downtown districts. I encourage all downtown property owners to investigate and take advantage of these low interest loans. These funds can help restore many wonderful structures and create new vitality in our downtowns,” said Larry “Buck” Koos, Chairperson of the JCEA.

This loan program is available through October 1, 2016. For more information or to obtain an application, contact the Jackson County Economic Alliance: heiar@thejcea.org, (563) 652-4549, or go to www.thejcea.org.