Downtown Erwin Loan Program

Purpose

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:

Participating Bank
$144,000
80% for 15 Years
Prime Plus 1.5%
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Downtown Loan Program
$20,000
For 10 Years at 4%
Your $20,000
Investment
$184,000