Façade Improvement Micro-Loans Available

Are you a Broadway Business owner? Does your storefront need some TLC? Do you need new equipment? Inventory upgrades? the Town of Broadway offers small-business micro loans at 3-year fixed-rate terms at 1/2% below prime rate at the time of applications!

Eligible Applicants:

New or existing retail, service or commercial ventures located in the Town of Broadway. Preference will be given to those applicants located on Main Street. A completed application must be submitted to the Town Manager.

Eligible Activites:

Loan funds can be used for façade improvements, equipment, inventory and working capital.

Financing Limits:

A maximum of $15,000 may be loaned for a term not to exveed three years. No matching funds or financing are required. Each applicant will be evaluated on a case-by-case basis for creditworthiness and project viability.

Terms and Underwriting:

Loan term will be a maximum of three years, depending on the asset financed. The rate will be fixed at one-hal below prime rate at the time of the application.

Review Process:

The Town Manager, a Town Council Member, the BHP President, BHP Executive Director, and a Financial Officer will review and make the final loan determination process. All terms and conditions will be set by this committee.

Fees:

A non-refundable application free of $50.00 is due when the application is submitted.

Application:

Contact the Town Office or BHP for a copy of the application, submit to the town office or to PO Box 156, Broadway VA 22815.