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Low
Interest Loan Program
Main Street Program
Greenville, Texas
Participating
Banks:
Alliance
Bank, 6609 Wesley Street, Greenville, Texas 75402
American National Bank, 5809 Wesley Street, Greenville, Texas
75402
Bank of America, 5903 Wesley Street, Greenville, Texas 75402
(or)
Bank of America, 3300 Joe Ramsey Blvd. East; Greenville, Texas
75402
Bank One, 5906 Wesley Street, Greenville, Texas 75402
The First Bank of Celeste, 301 N. Hwy 69, Celeste, Texas 75423
Purpose:
Encourage the renovation of buildings within Central Area zoning
district
Administration:
The Greenville Low Interest Loan program shall be administered
in a cooperative relationship between the Greenville Main Street
Program and the Participating Banks.
Procedure:
- Any owner
of a building located within the Central Area zoning district
may apply for a low interest loan.
- Design
review applications may be obtained from the Main Street Manager,
Doyle Dick, at the Municipal Building or by calling 903-457-3138.
- Doyle
Dick will notify each Bank in writing if a loan applicant
receives a Certificate of Design Compliance from the Main
Street Advisory Board.
- Each
applicant who receives a Certificate of Design Compliance
should submit a loan application directly to any or all of
the Participating Banks.
- Applications
will be approved or rejected independently by each Bank according
to each Bank's own credit guidelines.
- Each
Bank that approves a low interest loan shall report to Doyle
Dick prior to funding the loan.
- If more
than one Participating Bank approves a particular loan application,
the loan shall be awarded by the Main Street Board on a rotating
basis to the Bank which did not most recently make a low interest
loan through the program.
Terms
of Program:
- A significant
portion of the proceeds from a Low Interest Loan must be used
by the borrower for enhancement of or improvement to the exterior
or façade of a downtown building that is visible to
the public. Such improvements include, but are not limited
to, window and door repairs, glass replacement, façade
or repair, brick and mortar repair, awnings, trim repair or
replacement and paint.
- Loan
proceeds may also be used primarily for roof replacement or
repair, provided, however, that at least a portion of the
loan proceeds must be used for façade enhancement or
improvement.
- Interest
Rate: One percentage point below Prime Rate as published daily
in the Wall Street Journal under its money rates
- Loan
Amount: Minimum $10,000 and Maximum $25,000
- Loan
Maturity: 5 to 10 years
- Multiple
low interest loans may be made for the same downtown structure,
at the Participating Bank's sole discretion, either by the
same Bank or by another Participating Bank(s)
- Each
Low Interest Loan shall be serviced by the Participating Bank
that made the loan
- Loan
proceeds funded from the Loan program shall be used solely
for labor and materials to improve a downtown structure within
the Central Area zoning district
- The City
of Greenville Main Street program is neither a guarantor nor
indemnitor of any Low Interest Loan
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