ii. Loans may be used for acquisition of real estate, rehabilitation and for new construction.
iii. At least 10 percent of the loan amount shall be used for façade improvements. This provision may be waived if Bedford Main Street, Inc. determines that the façade does not need improvement.
c. Structural repairs
d. Roofing, if done in conjunction with qualified improvements
g. Landscaping, if done in conjunction with other qualified improvements
vi. Businesses relocating or starting up in Centertown may use up to $50,000 in loan money for working capital and equipment.
7. Loan proceeds shall not be used for the following:
i. To refinance existing loans
ii. For general and periodic maintenance
8. Applicants shall be considered on a first-come, first-serve basis as funds are available.
9. Final loan approval shall be subject to the individual bank’s credit criteria, collateral requirements, documentation, policies and procedures. Banks retain final responsibility to approve or disapprove all loan applications and also, at their discretion, to determine the manner of collection of each loan.
10. Closing costs may be included in the applicant’s project budget. The applicant is responsible for all closing costs that have not been included in the budget.
1. Banks agree to individually make available
2. The rate of interest for such loans shall be the individual bank’s prime rate minus one-half of one percent for a maximum period of five years with amortization period not to exceed fifteen years. This rate will be a floating rate of interest and will adjust on the day the prime rate changes.
5. Bedford Main Street, Inc. will be responsible for publicizing the loan program and making information available to applicants.
13. Banks shall report to Bedford Main Street, Inc. on the status of the loan pool using a reporting form provided by the organization.
14. Loan pool will begin operation on November 1, 2003, and will renew each calendar year unless an individual bank decides to withdraw as a participant.