The City of Janesville Economic Development Office is pleased to announce that the terms and conditions of the Downtown Revolving Loan Program have been revised, increasing the financial attractiveness of the program to new borrowers. The new terms significantly reduce the interest rate paid on loans, as well as adjustments to the application procedure.
The program provides funding opportunities to downtown businesses interested in making improvements to the buildings they own or lease. Eligible activities include façade renovation, creating and improving upper-story residential units, investments in commercial tenant spaces, and more. Downtown Revolving Loans are a critical bridge between interested applicants and the ability to invest in their property.
Summary of New Terms & Conditions:
- Rock Renaissance Loan – for significant property renovations: Interest rate now 4% fixed (down from 7.5% in October 2023)
- Upper Floor Livability Loan – for creation of upper-story housing: Interest rate now 2% fixed (down from 7.5% in October 2023), and maximum loan amount is now $50,000 (up from $25,000)
- Façade Improvement Loan – for downtown façades: Interest rate still 0%, but maximum loan amount is now $15,000 (up from $5,000)
The City is encouraging prospective applicants to take advantage of the newly revised program and learn more about how it can help accomplish downtown improvement projects.
City staff is available to assist interested businesses, property owners, or tenants through the process of loan application and the subsequent redevelopment.
For more information and related questions, contact Economic Development Coordinator Ross Tackes at tackesr@janesvillewi.gov or (608)755-3180. For media inquiries, contact Economic Development Director Jimsi Kuborn at kubornj@janesvillewi.gov or (608)755-3059.
Original source can be found here.
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