To form a partnership with the Durant Main Street Program to stimulate the downtown economy by offering a Low Interest Loan Program to properties located within the Main Street boundaries.

OBJECTIVES

· To provide a financial incentive for improving the appearance of our downtown properties

· To ensure that proposed rehabilitation is of superior design and that the design is sensitive to the qualities of historical architecture

· To maintain continuity of design among all structures in downtown Durant, without sacrificing personal distinction, character, or integrity

· To encourage handicapped accessibility for commercial property

· To encourage use of local labor and
materials

INCENTIVES

· Below market rate of interest

· Free architectural assistance

· Increased value of downtown commercial property

· Greater potential for attracting new business

· Assistance to property and business owners in creating a positive visual change for downtown

· Catalyst for positive economic development

· Enhanced community pride and
support for the business district

APPROVAL PROCESS

· Each applicant must first be approved by the Durant Main Street Design Committee

· Applicant will submit the Design Committee's approval letter and a loan application to the bank

· Each loan is subject to independent bank credit analysis

· After loan approval, the Main Street Office will track and monitor loan proceeds and progress

·   The project must begin within 90 days of the loan approval and be completed within 180 days

ALLOWABLE LOAN PURPOSES

(Expenditures)

· Roof Repair

· Exterior painting and paint removal

· Exterior cleaning

· Masonry repair and repainting

· Repair or replacement of facade details or materials

· Repair of storefront windows

· Rehabilitation or compatible new construction of storefront, including compliance with American Disabilities Act (ADA)

· New signage or rehabilitation of historic signage

· New awnings or rehabilitation of
existing awnings

TERMS OF LOAN

· Maximum Amount: $10,000

· Minimum Amount: $ 2,500

· Terms: 5 year maximum amortization (payments of monthly P & I)

· Rate: National Prime minus 2%, fixed rate at closing