Areas Served: City of Billings within the boundaries of the Downtown Urban Renewal Area
The Downtown Billings Partnership provides financial assistance in the form of loans to projects within the boundaries of the Downtown Urban Renewal Area that will: – Assist in the economic revitalization and stabilization of the URA; – Attract and retain a stable clientele population within the URA; – Stimulate private investment within the URA; – Generate additional property tax revenues within the URA; and – Encourage and facilitate in the remodeling and restoration of historically significant structures within the URA.
Fund Guidelines: – Borrowers are creditworthy.
– Projects are economically viable.
– Projects are consistent with the above stated purpose.
– Funds requested are leveraged with other sources, i.e. borrower’s equity, other senior debt, etc.
(RLF requires at least 20% equity investment per project) – Requests are accepted up to 20% of project cost capped at $250,000. – Loan terms address each project’s needs with payments based on amortization of up to twenty (20) years.
Early maturities of up to ten (10) years may be recommended for fund liquidity purposes.
The interest rate is annually adjusted and based upon 1% over prime rate minus 300 basis points with a floor rate of 5.00%
Contact InformationDowntown Billings Partnership
Address: 2815 2 nd Avenue North
City: Billings
State: Montana
Website:
http://downtownbillings.com/development/revolving-loan-fund/
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