MANKATO, Minn. (KEYC) — The City of Mankato announced Friday afternoon that applications have opened for two new loan opportunities.
The loans are to be used for exterior and interior improvements on commercial properties that are located within Mankato city limits.
The two loans available are the Commercial Rehabilitation Program and Valley Opportunities Revolving Loan Program.
The Commercial Rehabilitation Program is available to eligible commercial property owners if located in targeted areas. The loan is worth $25,000 (per property) and is a deferred loan.
Approved loans will be provided at an interest rate of 0% and will not require monthly payments. A 50% match is required for the loan, which will be secured through a mortgage on the property that is to be improved.
Loans in this program will be forgiven after a 10-year period, provided that property ownership is not transferred during that time.
The other available program, the Valley Opportunities Revolving Loan Program, is available to commercial properties within the city of Mankato that have an assessed value of up to $500,000. Commercial property owners who qualify for this program may be awarded a loan of up to $20,000 (per property) that is to be paid over the duration of 10 years at an interest rate of 3%.
Applicants for the Valley Opportunities Revolving Loan Program can also request a $5,000 deferred loan for exterior improvements that will be forgiven after five years.
Both of the available options in the Valley Opportunities Revolving Loan Program (the $20,000/10 yr./3% int. loan and $5,000 deferred loan for exterior improvements) require a 50% match.
All applications are accepted on a first-come, first-served basis.
Program offerings, such as these, have been made available to align with Mankato’s Strategic Plan by making a visible and substantial impact on building conditions, community appearance and the overall quality of life in the area.
Contact Economic Development Specialist Courtney Kramlinger at (507) 387-8711 or by email at firstname.lastname@example.org for more information.