Loan/Grant Program Purpose
All businesses located in the City of Olivia are eligible to make application for a business renovation loan/grant.
What will be funded?
General Real Estate Renovation efforts such as windows, doors, roofing, siding, painting, signage, landscaping, or interior improvements.
What funding is available?
Up to $10,000 for Real Estate Business Renovation.
How to apply
1. Pick up application form at City of Olivia Office
2. Complete form and return to the City of Olivia Office
3. Application reviewed by EDA Loan Committee.
4. EDA Board considers the Loan Committee recommendation.
5. Applicant will be notified of action taken.
Olivia EDA Commercial Real Estate Renovation Loan/Grant Program Guidelines
The purpose of the EDA’s commercial renovation loan & grant program is to provide opportunities for businesses located within the corporate limits of the City to make desired aesthetic and/or structural changes to their property. The goal of this program is to help foster business retention and expansion in the City, thus providing needed jobs, goods and services for our residents and stability of area property values.
All businesses located in the City of Olivia are eligible to make an application for a business renovation loan/grant.
3. Permissible usage of funds
Windows, doors, roofing, siding, painting, signage, landscaping, or interior improvements
4. Funding Availability
The funding availability is $10,000 maximum. Businesses can apply one time for this loan program.
The program provides an incentive for improvements by forgiving of portion of the loan principal and interest if ownership is maintained for ten years. If the business is sold or otherwise transferred before the before the 10 year period expires, the loan must be paid in full.
The annual interest rate is 5% with no interest accrued or payments made during the first year of the loan. Payments must be automatically withdrawn from the customer’s bank account on a monthly basis. In the event funds are insufficient, a late fee of 10% of the monthly payments shall be assessed after ten days. If payments are made on time for years two through ten, the last five years’ worth of principal and interest will be forgiven; and the loan at that point shall be considered paid in full.
Funds will be reimbursed upon receipt of paid invoices. Applicant must complete project within one year of loan approval.
8 . Application
The attached application form must be completed in full and returned to the City Office for review and consideration. The application shall be reviewed by the EDA Loan Committee which will make recommendations to the full EDA Board. Upon receiving the Committee’s recommendations, the full EDA Board will formally consider the submitted loan application at their next scheduled meeting. The applicant will be informed of the Committee’s recommendations and any action taken by the full EDA Board. If approved, EDA staff shall be authorized to finalize the loan documents and handle the ongoing maintenance of loan agreements.