The Greenville, Texas Business Low Interest Loan program shall be administered in a cooperative relationship between the Greenville Main Street Program and the Participating Banks.
Procedure – Any owner of a building located within the Central Area zoning district may apply for a low interest loan.
– The Main Street Manager will notify each Bank in writing, if a loan applicant receives a Certificate of Design Compliance from the Main Street Advisory Board.
– Each applicant who receives a Certificate of Design Compliance should submit a loan application directly to any or all of the Participating Banks.
– Applications will be approved or rejected independently by each Bank, according to each Bank’s own credit guidelines.
– Each Bank that approves a low intereste loan shall report to the Main Street Manager prior to funding the loan.
– If more than one Participating Bank approves a particular loan application, the loan shall be awarded by the Main Street Board on a rotating basis to the Bank which did not most recently make a low interest loan through the program.
Terms of Program – A significant portion of the proceeds from a Low Intereste Loan must be used by the borrower for enhancement of or improvement to the exterior or façade of a downtown building that is visible to the public.
Such improvements include, but are not limited to, window and door repairs, glass replacement, façade or repair, brick and mortar repair, awnings, trim repair or replacement and paint.
– Loan proceeds may also be used primarily for roof replacement or repair provided, however, that at least a portion of the loan proceeds must be used for façade enhancement or improvement.
– Interest Rate: One percentage point below Prime Rate as published daily in the Wall Street Journal under its money rates.
– Loan Amount: Minimum $10,000 and Maximum $25,000. – Loan Maturity: 5 to 10 years.
– Multiple low interest loans may be made for the same downtown structure, at the Participating Bank’s sole discretion, either by the same Bank or by another Participating Bank(s).
– Each Low Interest Loan shall be serviced by the Participating Bank that made the loan.
– Loan proceeds funded from the Loan program shall be used solely for labor and materials to improve a downtown structure within the Central Area zoning district.
-The City of Greenville Main Street program is neither a guarantor nor indemnitor of any Low Interest Loan.
The participating banks are: – Alliance Bank – American National Bank – Bank of America – Bank One – First Bank of Celeste The initial loan pool committed to the program is $500,000.
Greenville Main Street Program
Address: 2821 Washington St