The Ord Area Chamber of Commerce and Valley County Economic Development recently updated project eligibility for the two microloans offered through each organization. Both programs offer 0% interest loans with a five-year term for businesses located in certain areas in Valley County to improve the appearance and structural integrity of commercial property.
The Ord Area Chamber loan program is available for owners of commercial properties in downtown Ord. The Revitalize Downtown Ord microloan has a maximum loan amount of $5,000 per project and can be used for building improvements such as awnings, exterior signage, exterior windows, exterior lighting, masonry repair, or interior building improvements. This loan can also be utilized for “virtual storefronts” including website and e-commerce development or website photography. Applicants must provide a 25% cash match and applications must be submitted before the projects begins.
Valley County Economic Development offers a similar revolving loan. This loan also offers 0% interest for commercial property revitalization for any business located along a state highway in Valley County. With a maximum loan amount of $10,000, this loan can fund improvements to the building’s physical structure including demolition, repair and sign removal among other projects that create cosmetic improvements to business corridors. Applicants must provide a 25% cash match and applications must be submitted before the projects begins.
Both loans have a rolling application cycle and lending will be based on available funds at any given point. Applicants of both loans will be subject to meeting credit analysis and lending terms. The funds deadline for expenditure is within one year of project approval and/or funds drawdown.
Several area business have utilized these microloans to make building improvements. Hackel Construction recently utilized the VCED microloan for the renovation of their office on Highway 70, Ryan and Melani Flynn recently utilized both microloans for exterior improvements to the former Brown’s building located on the downtown square in Ord and Professional Eyecare utilized both microloans when they relocated to and remodeled their current building in downtown Ord.
Applications for this loan can be downloaded or hard copies are available at the Chamber/Valley County Economic Development office. For more information on these loans, contact the Chamber/VCED office at 308-728-7875.