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This program is intended to assist businesses during the construction taking place in the Village of Waterford during 2019 and 2020. The loan program offers funds for working capital for $5,000 with a 0% interest rate.
A business may apply for $5,000 per application each calendar year making the total available to each business $10,000 for those affected in both the 2019 and 2020 construction. Applications will be accepted through October 31, 2020, based upon availability of funds.
Eligibility
New or existing business
For-profit business
Located in the impacted areas in Waterford
Anticipated areas include Main Street and State Highways 20, 83 and 36. Other areas affected by the street closure would be considered on a case-by-case basis determined by RCEDC in consultation with the Village of Waterford.
Requirements
Loans are intended to provide working capital funds with
0% interest until December 31, 2020
Up to $5,000 per calendar year (total $10,000)
After December 31, 2020, loans will be converted to four (4) year term loans with the following terms:
The TID 4 Loan Program is intended to stimulate improvements to commercial buildings located in the Village of Waterford TID 4 (Heritage Design District).
Th maximum loan amount will be 80% of the total eligible improvement project, but with a maximum of a $75,000 loan per property. Projects will be evaluated on a case-by-case basis. Projects will be awarded on a first come, first serve basis.
Applications will be accepted by The Village of Waterford Clerk via hard copy or email. The deadline is the 5th day of each month. The Village Board will review all applications at its meeting following thereafter, and will make recommendation for grant award after scoring and reviewing all applications received.