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Watertown RDA Announces Re-Opening of Downtown Commercial Rehabilitation Loan Program in February 2024




The Redevelopment Authority of the City of Watertown (RDA) is pleased to announce the opening of a new application period for its Downtown Commercial Rehabilitation Loan Program on February 1, 2024. This collaborative initiative with partner banks, including Bank First, Ixonia Bank, and Bank of Lake Mills, aims to foster business growth, facilitate the development of high-quality upper-level residential units, preserve historic structures, and enhance the overall economic vitality of downtown Watertown. Applications are due March 31, 2024, and the application form will be posted on the RDA’s website: watertownredevelopment.org.

 

This program provides loans for façade beautification, structural repairs, and major mechanical upgrades such as plumbing, electrical, heating, and cooling systems. There is a total of approximately $105,000 available for loans with a fixed interest rate of 4.95%. The repayment period is five years.

Interested downtown property and business owners are encouraged to apply. Application requirements include completing an application form, submitting three years of business or personal income tax returns/financials, a personal financial statement, available business financial statements (such as profit/loss statements), and a nonrefundable $100.00 application fee.

 

Program impact: Since its establishment in December 2017, the RDA’s Revolving Loan Fund Program has been instrumental in providing $1,064,920 in low-interest financing and $111,277 in grants to downtown property and business owners. The RDA has invested in a total of 18 projects in six years, contributing significantly to the community's growth and development.

 

Downtown property owners are encouraged to take advantage of this opportunity to contribute to the ongoing revitalization of downtown Watertown. Through this collaboration, the RDA and other stakeholders will continue to build a stronger and more resilient Watertown.

 

For inquiries and questions about the program, contact Mason Becker, RDA Executive Director, at mbecker@watertownwi.gov.

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