Downtown Erwin Loan Program
The Downtown Erwin Loan program provides a financial opportunity for small business owners, property owners or investors to purchase or renovate a downtown property or to purchase fixed equipment for the direct purpose of business creation, expansion or renovation.
A low-interest loan of up to $25,000 to be applied toward the down payment and/or closing costs for any existing or new business within the Downtown Erwin Redevelopment District
A loan for renovation costs above the bank loan.
A micro loan up to $25,000 (in some circumstances the loan can exceed $25,000) to cover renovation of buildings and financing for equipment loans. The borrower must keep a business account at one of the 3 participating banks. Click button below to view brochure.
How the Program Works
Your business is purchasing a building in downtown Erwin for $100,000. You also plan on making $80,000 worth of renovations to the building for a project cost of $180,000. A down payment of $36,000 (20% of $180,000) and closing costs of $4,000 total $40,000.
The financing could be as follows: