Areas Served: The eligible area is bounded by Calhoun Street south to Bartlette and Sumter Street east to Harvin Street
The City of Sumter, South Carolina, Santee Lynches Regional Development Corporation, and eight area financial institutions have established a Low Interest Loan Program to encourage development, re-development and general improvement to commercial and residential properties in the Sumter downtown business district.
Any commercial or residential project in the eligible area qualifies under the program.
The main objective of the program is to provide a strong financial incentive for the rehabilitation of the exterior and interior of building structures in downtown Sumter and to help stimulate more business openings in the Downtown area.
Another goal is to insure that the proposed rehabilitation work is of a quality design and is sensitive to the architectural and historical qualities that make our downtown buildings distinctive.
LOAN STRUCTURE Up to Ninety percent (90%) of the project’s costs or appraised value, whichever is less, will come from the loan pool.
On each loan that is submitted for approval, the City of Sumter will commit to provide up to twenty percent (20%), but not exceeding $50,000, of the costs of the project in the form of a low interest second mortgage loan set at an interest rate of 2% to 4%.
Santee Lynches Regional Development Corporation will participate with a loan of 30% of the project’s costs with amortization and terms that will match the first mortgage loan that is provided by the bank pool.
The borrower will be required to put in ten percent equity of the total project costs.
All loans will have a maximum amortization period of fifteen (15) years.
The City of Sumter’s interest rate will be fixed at a rate of 2% to 4%.
Santee Lynches interest rate will be fixed at 5.5% for up to fifteen years
Contact InformationCity of Sumter
Address: 21 N Main Street
City: Sumter
State: South Carolina
Website:
http://sumteredge.com/
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