Revitalization Loan Available to Chamber Members
Leaders from Fort Atkinson’s five financial institutions recently met to review and update the Fort Atkinson Chamber of Commerce Revitalization Loan, available to members of the chamber in good standing whose businesses are located in the city. The loan is intended to encourage retail and commercial business owners to invest in exterior improvements to their properties.
The lending institutions, consisting of Badger Bank, Fort Community Credit Union, Greenwoods State Bank, Johnson Bank and PremierBank, recently met and updated the loan criteria, removing site-specific requirements and increasing the total amount granted to any one borrower from $30,000 to $50,000. Applicants must maintain a majority of their banking relationship with at least one of the participating lenders, and meet normal credit underwriting standards. There is no interest charged for the first 24 months, after which WSJ prime floating rates apply. No more than $250,000 in total revitalization loans will be made available by the participating lenders and outstanding at any one time.
Projects are selected through a competitive application process, taking into account the property’s historic value and preservation, the scope of the project and how well it blends with the surrounding structures, and whether or not the project is consistent with the overall development efforts of the city’s comprehensive master plan.
Interested chamber member businesses can access the Revitalization Loan application HERE.
A loan application may also be picked up at the Fort Atkinson Area Chamber of Commerce located at 244 North Main Street in Fort Atkinson during office hours, Monday through Friday, 8:00 a.m. to 5:00 p.m.