Econ Loan
Program Eligible Expenses
Eligible activities would include exterior and interior remodeling, elimination of architectural barriers to handicapped and elderly, costs of converting electrical services from above ground to below ground and energy conservation improvements.
Eligible Borrowers
Eligible borrowers would include non-profits, building owners and business owners with building owner approval. Priorities will be given to vacant buildings, visual impact, elimination of code deficiencies and energy conservation, buildings to be totally rehabilitated and job creation. The property must also be located within the City of Fergus Falls.
Loan Review Board
Business Development, Inc. will review all applications for compliance with program intent, which is to complement and enhance the Redevelopment Project.
Loan Limitation & Term
$35,000 per applicant with 4% interest rate.
Max 12 years.
Monthly Payment
This is a revolving loan fund and monthly payments will be made based on amount funded.
Contact
Please contact Kelly at the Fergus Falls HRA office
1151 Friberg Avenue
Fergus Falls, MN 56537
Call (218) 739-3249
Fax (218) 736-4706
Email chandler@fergusfallshra.com.
FACADE Program
Program Eligible Expenses
Eligible activities would include rehabilitation, restoration, ornamentation, and signage activities on front facades and back entrances in the City of Fergus Falls. Improvements to such things as signage, awnings, facades, windows, doors and exterior appearances are envisioned.
Eligible Borrowers
Eligible borrowers would include non-profits, building owners and business owners with building owner approval. The property must also be located within the City of Fergus Falls.
Loan Review Board
Business Development, Inc. will review all applications for compliance with program intent, which is to complement and enhance the Redevelopment Project.
Loan Limitation & Term
$10,000 per applicant with 0% interest rate.
Maximum of 42 months with balloon payment at end of the term.
Contact
Please contact Kelly at the Fergus Falls HRA office
1151 Friberg Avenue
Fergus Falls, MN 56537
Call (218) 739-3249
Fax (218) 736-4706
Email chandler@fergusfallshra.com.
