Revolving loan fund created to help downtown businesses

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FREDERICK — A revolving loan fund for downtown Frederick businesses is offering to give merchants and store owners what city officials are calling a “façade-lift.”
    A newly created fund is making loans up to $10,000 available to qualifying businesses in the Frederick downtown area.

     The loans are made through the Town’s Oil Royalty Trust Fund and are interest free with repayment required within three years.
    In order to qualify, businesses must apply giving references, plans for improvements, estimates of cost and a promissory note. If they are a new business, they may also need to include a copy of their business plan. Applications will then be reviewed by the Town of Frederick Revolving Loan Committee.
    The committee will make decisions based on funds available, the order in which the applications are received and how substantially the project will impact the building and neighborhood aesthetics.
     Loans can be used for the following: window/door repair or replacement work, storefront rehabilitation, including removal of non-original siding, repair of non-original materials which cannot be removed, sandblasting, cleaning or painting exterior surfaces, awnings, signs and cornices, as well as other labor and materials used to rehabilitate the facade.
    “Frederick is the only community in the Carbon Valley Area with a Downtown and we recognize the value and potential of this area,” said Mayor Tony Carey. “This is just one of the many components the Town is putting in place to help with revitalization efforts. We strongly encourage businesses to take advantage of this great opportunity to enhance their businesses and draw new consumers to the area.”
    For more information, contact Planning Director Jennifer Simmons at 720.382.5500 or jsimmons@frederickco.gov.