CURRENTLY NOT AVAILABLE, CHECK WITH OFFICE STAFF FOR MORE INFORMATION
Summary
Low interest loans from the City of Middletown's Economic Development Fund are available for up to 50% of the construction costs of exterior and interior improvements.
The Business Reinvestment Low Interest Loan Program (REINVEST) (PDF) was created to help revitalize Middletown's economic base by providing loans to commercial property owners and/or tenants to encourage them to improve or expand their businesses, or establish a new business in Middletown.
Guidelines at a Glance
- All businesses in the City of Middletown are eligible, except for Professional Offices.
- Funds must be used for fixed improvements to the buildings- appliances and removable fixtures are not eligible.
- Applicant must own the property or have a lease for a minimum of three years.
- Funds are disbursed at closing after completion of the project. A Certificate of Occupancy, property inspection and expense documentation are required prior or closing.
- Ratio of private sector funding is 1:1. For each dollar borrowed, an equal match of private dollars is required.
- Maximum loan: $25,000, and must be secured.
- Term of the loan: 5 years; Interest rate: 3%; Application fee $100
- Applications are due three weeks prior to the meeting of the Economic Development Committee. The Economic Development Committee meets on the 2nd Monday of the month.
For an application packet, please contact the Department of Planning, Conservation, and Development at 860-638-4840.