Commercial-Retail Facade RLF


TOWN OF SYRACUSE

COMMERCIAL-RETAIL FACADE REVOLVING LOAN FUND

Purpose

The purpose of the Commercial-Retail Façade Revolving Loan Fund (CRF RLF) is to assist eligible applicants involved in the development, promotion and retention of trade, commerce, industry and employment opportunities by providing flexible and timely financial assistance for commercial/retail façade development projects.

Eligible Applicants

Eligible applicants must be in an existing down-town commercial area that generally has one or more of the following characteristics: 

  • Empty storefronts or documentation of an immediate threat to the downtown's commercial viability;
  • Commitment(s) from private and/or public funding to support downtown development activities (from banks, local businesses, other government agencies, etc.) enhancing, directly or indirectly the activity(s) to be financed with the CRF RLF loan.

Fund Availability, Fund Match, Interest Rate and Upfront Costs

Loan funds available thru the Town of Syracuse CRF RLF program will be made available for application throughout the fiscal year and will be reviewed based upon the criteria provided. 

  • A match of 25 percent is required for the total amount of the loan to be lent (i.e. if the total project is $4,000, a match of $1,000 would be required from the applicant.  
  • The interest rate would be set at one-half of prime on the date of signing.  
  • An upfront charge of $100 is due for administrative costs (i.e. credit checks, filings, etc.). 

 Eligible Activities  

  • All applications should be submitted to the Town Manager.    
  • Project must be viable and clearly identify the proposed uses of the loan proceeds.  
  • Eligible use of the funds includes:  development projects and redevelopment, landscaping, activities required to eliminate architectural barriers for the disabled, reconstruction and rehabilitation of private structures internally and façade improvements externally.   
  • The use of CRF RLF funds for working capital will NOT be considered as an eligible program activity.

 Area of Project Consideration 

  • All activities must be within the Main Street area from Dolan to Harrison and on SR 13 from the Century Link building to Chicago.  The Town of Syracuse reserves the right to require immediate recapture of some or all of the loan funds or to raise the interest rate on the loan funds upon transfer of project assets to an entity other than the approved recipient or sub-recipient (unless specifically approved by the Town of Syracuse) or upon any event that violates state law, the public purpose of the loan program, any of the loan conditions, or any intergovernmental contract provision. 

 Review of Loan Applications  

  • All applications received from applicants will be reviewed to determine the merit of the applications and of the proposed uses of funds. In determining whether an applicant shall receive a loan, the following criteria will be considered.  Each application will be reviewed based upon an analysis of the proposed project's potential enhancement of downtown development opportunities, credit-worthiness, overall project feasibility, project impact, and soundness of the proposed strategy.

 Awarding of Loan Funds 

  • The loan limit will be no more than $15,000 per project. At its discretion, the Town of Syracuse may decide to loan an amount less than the amount requested in the application.  
  • The standard general conditions and special conditions (if any) shall be incorporated into any loan agreement and/or intergovernmental contract that may be executed and used to implement a transaction between the Town of Syracuse and the applicant or the applicant and its implementing agency or sub-recipient(s).  

FOR MORE INFORMATION, CONTACT: 

Henry DeJulia, Town Manager
310 N. Huntington Street
Syracuse, Indiana 46567
(574) 457-3348

             or

Julie Kline, Clerk-Treasurer
310 N. Huntington Street
Syracuse, Indiana 46567
(574) 457-3216

Please click the following for application and guidelines:

Commercial Retail Revolving Loan Fund