City gets first application for storefront renovation
The first application for loan money from a $120,000 fund to improve downtown storefronts has been turned in.
Matt Bichelmeyer, owner of Bichelmeyer's Steakhouse, submitted his application to Linda Zacher, city planner, last week.
Linda Zacher. city planner, will review the application and, then turn it over to the loan committee. The loan committee is made up of Wanda Williams of the Wander In; downtown dentist Grant Ritchey, Chris Donnelly of First State Bank and Trust, attorney Bill Grant and city council member Kathy Graveman.
"I will get together with the loan committee as soon as I can," Zacher. "I am glad to finally have an application turned in."
Zacher said that several businesses have made improvements but haven't used the fund.
The revolving loan fund's primary purpose is to provide revitalization resources for downtown improvement projects. The improvements that businesses want to make using the fund must be stipulated in the application process along with bid sheets for the work. Applications can be picked up at city hall and turned in to Zacher. She will look over the application and pass it on to the loan committee. If the application's approved, Zacher will coordinate the closing, funding and servicing of the loan.
The general maximum loan amount is $30,000. The interest rate on the loan is minimal and varies, depending on the intended term of repayment.
For two years or less, there is not an interest rate or loan fee. For 3-5 years, the interest rate is 2 percent with a .5 percent loan fee; 6 or 7 years 3 percent and 1 percent; 8-10 years 4 percent and 1 percent.
"The interest rate is well worth the loan application process," Zacher said.
Applications are available at city hall for anyone interested in borrowing from the fund.