Areas Served: City of Creston
The Creston Commercial Property Loan is a low interest loan program designed to stimulate investment in commercial real estate properties within the city limits of Creston, Iowa.
The program will provide an affordable financing option for interior/exterior building improvements and/or landscape improvements.
Available to all existing, new or relocating business subject to credit standards established by the participating financial institutions.
Eligibility Guidelines:
¢ This loan program applies only to commercial property within the City of Creston.
¢ New and existing businesses may qualify.
¢ The borrower may select his or her own participating lender.
¢ Each lender is responsible for disbursement of the loan and all related documentation.
¢ Renovation design must be compatible with surroundings, historic character of the buildings where applicable, and color schemes as determined by the design committee.
¢ The application must first be approved by the Design Committee before its is submitted to participating lenders.
¢ The Design Committee will notify the applicant of its decision within thirty days of receipt of the application.
Assistance Available:
¢ The program provides for a maximum loan per project of up to $20,000.00 with interest at Prime Rate minus 1.0% with a floor of 4.50%.
¢ The rate will be fixed for three years then adjustable annually thereafter.
The loan will be amoratized for up to ten years with monthly payments.
Contact InformationCreston Chamber of Commerce
Address: 208 W. Taylor St.
City: Creston
State: Iowa
Website:
http://www.crestoniowachamber.com
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