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The
Loan Program for the
Revitalization of
Properties in Historic
Downtown Cores |
Loan Details
As part of the Community Futures program, the
Community Futures Development
Corporation of Middlesex County provides term loans to small businesses that
have had difficulty finding financing elsewhere on reasonable terms.
In a special effort to support the revitalization of Middlesex
downtown cores, the CFDC of Middlesex County is offering matching loans up
to a maximum of $10,000 for specific building improvements. This program is
open to businesses and commercial property owners in historic downtown cores
across Middlesex County (excluding the City of London) who are improving the
physical appearance of downtown buildings in order to boost economic
development in the area. |
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Usage of Funds
Financing
can be used for building renovations in any of the following categories; storefront
improvements, repair or restoration of heritage elements,
signage/ lighting/awnings, and other related improvements.
Application Process
Applicants must complete a business plan that
proves the viability of the operation. Past financial statements (if applicable),
as well as projections, must be submitted with the application. The
renovation project must be clearly defined
in the plan and must meet with municipal plans and guidelines.
Business plan outlines
and loan applications are available by contacting our office.
A successful
application must demonstrate:
- the ability to repay the loan;
- how the improvements will benefit the economic development of the core;
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adequate security which may include a combination of business and personal
assets and personal guarantees;
- the capability to professionally manage
and carry out the project;
- a firm commitment to the success of the
operation.
Fees
All loans are subject to a non-refundable
application fee of $25.00, payable at the time of application. All approved loans are subject to legal and
registration fees, and must be life insured.
Interest Rates
Interest rates starting at Prime +2%
are fixed at the time of borrowing for the term of the loan.
Terms of Payment
Loans are subject to a
maximum three (3) year term. All loans are
subject to regular monthly payments however, remain
open for repayment, in full or in part, at any time, without penalty.
Go to the Applications
Information Page |
