Community Futures Huron Facade Improvement Loans are designed to correspond with business investments leveraged by municipal Community Improvement Plans.
C.I.P.s are becoming more prevalent throughout Huron County as a means of addressing downtown revitalization. While C.I.P.s are an excellent way of maintaining the physical vibrancy of our retail districts, some business and building owners may find it difficult to find the cash to fulfill the 50% matching component of things like façade reconstruction, signage and other leasehold improvements.
Short‐term matching loans up to $5,000 per project might just be the ticket for some retail and service businesses in the region.
* The Business Loan Application Process Step-by-Step
- Applicant completes the online application and uploads their completed Business Plan, past financial statements, 12-month cashflow projection and two pieces of ID.
- Documentation is reviewed by the Lending Consultant.
- Lending Consultant and applicant have discussions to clarify points in business plan or application as needed.
- If it is recommended to the Community Futures Huron Board of Directors for approval, Community Futures Huron will complete a credit check.
- Application is presented to the Community Futures Huron Board of Directors for approval.
- If approved, a Letter of Offer is extended to the applicant for signature and return to Community Futures Huron.
- Funds are normally made available within 2 weeks after the Letter of Offer is returned to Community Futures Huron.
- There is a 2% loan development and maintenance fee (to a maximum of $2,000) that is paid up front after the loan is approved.
- Applicants are responsible for all legal costs to complete the loan securitization package. These funds can be paid for from the proceeds of the funds to be borrowed.
- Maximum loan size is $250,000.00 to be used for the purchase of fixed assets, leasehold improvements, inventory, expansion, start-up or working capital or a combination of any along with some consolidation.
- Flexible repayment terms and no prepayment penalties.
If you get stuck in the application, just contact Tina, and she’ll help to get you on track.