Bloomfield Main Street Business Resources
Paint-A-Thon Grant - This is a
matching funds grant with a maximum award of $250. Main Street awards four
grants per year.
Low Interest Loan Program
The funds made available through this program will be used to provide
financial assistance to private, for profit businesses, engaged in retail and/or
service activities. Loan applicants must be a member of Main Street.
TERMS:
The total pool is $75,000.00, available in loans of no more than
$12,500.00. Participating institutions are: Community First Bank,
Davis County Savings Bank and Bank of the West.
Fixed interest rate is the same at all three institutions. The rate if
75% of the Prime Rate quoted in the Money Rate Section of the Wall Street
Journal on the first day of the month in which application is made (rate to be
rounded up to the nearest one-eighth percentage point). The minimum rate
charge to the applicant is 5.0%.
Maximum loan term is five years, to paid in monthly installments.
Collateral requirements depend on each situation.
Funds will be available until loan fund is exhausted. The funds will
revolve to be loaned again.
ELIGIBLE USES:
- Exterior refurbishing of current occupied buildings.
- Rehabilitation or modification of currently unoccupied buildings.
- Purchase of an unoccupied building for a business location.
- Upper story housing and owner's share of rehabilitation grants.
- Operating expenses to help business get off the ground.
- Purchase of inventory.
- Rehabilitation and remodeling of interior of business.
- Signs and awnings.
- Larger repairs or equipment replacements; i.e., roofs, furnaces and
boilers, air conditioners, computer systems, sidewalks, landscaping, etc.
APPLICATION PROCEDURE:
- Application is made to Main Street to determine if the applicant and
project are eligible for the program.
- Applicant then can seek loan from the bank of their choice.
- The Bank has final approval as to whether the loan will be granted.
For more information on our Loan Program please contact the Bloomfield Main
Street Office at 641-664-2309.
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Program Coordinator.