Loans

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

Low Interest Loan Program available at the following financial institutions:

FIRST TEXOMA NATIONAL BANK IN DURANT

(580)924-4242

FIRST UNITED

(580)924-2211

LANDMARK BANK

(580)924-9090

Contact the bank of your choice to discuss this or other financing options