GOOD NEIGHBOR REVOLVING LOAN FUND
The Good Neighbors Revolving Loan Fund Committee is a seven (7) member committee appointed by the Mayor.
The committee was established for the purpose of making loans to private property and business owners to make exterior improvements to commercial buildings and property in the downtown, south side, west side and East Aberdeen districts.
The loan program is a facade improvement program, loan amounts are up to $5,000 per lot, with a maximum of $10,000. All loans have a three (3) year payback and are at 2%.
About Our Good Neighbors Fund
Upon approval by the Good Neighbor’s Revolving Loan Fund Committee, loan funds can be used for nearly any improvements that will improve the exterior of a building or lot. Allowed improvements include:
- Repair/replacement of original building ornamentation
- Masonry cleaning or repair
- Exterior painting
- Purchase of awnings
- Repair/replacement of signs
- Sidewalk repair
How to Apply for a Good Neighbor Revolving Loan
The process is relatively quick and simple.
- Your business or property must fall within targeted area [see brochure]
- Proof of credit worthiness. A $25 fee is required to cover the cost of credit review.
- Good Neighbor Committee Evaluation. Once approved, the funds are disbursed after the loan closing paperwork is completed and the invoice(s) from the contractor is received.
This program is funded through the urban development action grant fund…. click here for application.
This committee meets as needed.
- Sylvia Brown
- Jim Wynans
- Larry Rosevear
- Stephen Natwick
- Anne Marie Babineau
- Tanya Wood – Financial Community Representative
More information and paperwork regarding the loan program can be obtained from the Planning & Development Department on the second floor of City Hall or by calling 537-3238.