These projects received loans from the RDA's Downtown Commercial Rehabilitation Loan Program.
The Watertown Redevelopment Authority (RDA) has reopened the application period for its Downtown Commercial Rehabilitation Loan Program. This Program, offered in cooperation with partner banks Bank First, Ixonia Bank, and Bank of Lake Mills, is designed to foster business growth and expansion, to facilitate the development of high-quality upper-level residential units, to update and preserve historic structures, and to increase the overall economic vitality of downtown Watertown.
Downtown property and business owners are encouraged to apply for a low interest loan for façade beautification, structural repairs, and major mechanical upgrades to plumbing, electrical, heating, and cooling systems. The interest rate is fixed at 4.95% and repayable within a five year period. Borrowers are required to complete an application form, along with providing three years of business or personal income tax returns/financials, a personal financial statement, available business financial profits such as profit/loss statements, and a $100.00 nonrefundable application fee.
Approximately $220,000.00 is available for this application period starting June 15. Click for the application or contact Mason Becker, RDA Executive Director at firstname.lastname@example.org.
Established in December 2017, the Program has provided $953,210 in low-interest financing and $111,277 in grants to downtown property and business owners. In total, the RDA has invested $1,064,487 into 16 projects in less than five years.