City offering façade loan program to downtown businesses
The City of Douglas Community Development Department and Downtown Development Authority (DDA) is offering a Façade Revolving Loan Program. The purpose of the Facade Revolving Loan Fund is to lend assistance to downtown properties by providing low interest loans for improving the visual image of the property in the hopes of creating commercial redevelopment, thus enhancing the downtown district.
Applicants must meet guidelines as set by the City of Douglas and the Design Review Board (if the property is within the Historic District boundaries). Loan funds are for façade improvements only for the front or rear entrance of the property within the Downtown Development area. Prior to any work beginning, plans must be reviewed and approved by the City of Douglas and DDA. Review of application will take place during regular DDA meetings (third Thursday of each month). Once plans are reviewed and approved, applicant may proceed with financial arrangements, through their participating lending institution if applicable. Commitment for funds will be for ONLY 90 Days. If work has not begun within this time frame, loan commitment is considered void and a new application may be submitted at a later date. The City of Douglas and DDA reserves the right to revoke commitment if project plans do not comply with plans and application submitted at the time of approval. Receipts (for renovation work) must be presented before release of funds.