The Franklin Development Corporation is accepting applications from businesses and individuals for its Commercial Revolving Loans, Commercial Façade Grants and Residential Revolving Loan/Grants.
The Commercial Revolving Loan Fund provides low-interest loans to business and commercial property owners who wish to invest in exterior improvements but need a boost. Loans are limited to 50% of the total improved market value of the property with a $25,000 cap, according to the application. Loans will have seven-year terms at a 4% interest rate, the application says.
The Commercial Façade Matching Grant is open to business owners who want to complete façade projects and are able to share the cost. The grant is limited to no more than 50% of the total cost of eligible improvements, not to exceed $15,000 per 19 linear feet of publicly visible façade, up to a maximum of $30,000, according to the loan application. Any projects that would cost less than $1,000 are not eligible, the application says.
The Franklin Development Corporation’s Residential Revolving Loan Fund is designed to encourage and aid the rehabilitation and renovation of historic and/or underutilized buildings and homes located within the Integrated Economic Development Area of historic Franklin. Income limitations apply and the percentages of the loan that will be forgiven range from 50-100%, based on occupancy and income, according to the application.
Homeowners may finance exterior improvements, foundation repairs, driveway or sidewalk repairs and landscaping with the loan. Eligible loan amounts range from $5,000 to $15,000, the application says.
Each of the programs are only open to certain areas of the city.
Applications can be downloaded from the development corporation’s website and should be submitted to Krista Linke at City Hall, 70 E. Monroe St., Franklin, before the deadline, which is 4 p.m. Feb. 26 for all three.
