Town Talk: Need money to fix your commercial property?
The City of New Ulm has a loan fund to help you repair your commercial property. The Economic Development Authority (EDA) will contribute 50% of the total loan amount, up to $50,000, for eligible rehabilitation activities. The EDA funds will be provided a two (2) percent annual interest rate for a term of 10-years.
Eligible recipients are commercial property owners and business owners/commercial tenants who have written approval from the property owner.
Eligible improvements shall include activities which specifically and directly address the following areas:
Facade improvements to building exteriors, including signage.
Enhancement of building entrances.
Improvements which increase the energy-efficiency of the building.
Utility related improvements, including, but not limited to, repair or replacement of water/sewer/steam utility services, placement of electrical, telephone or other overhead service underground. Installation of new overhead services is not an eligible activity.
Improvements which correct areas of building code non-compliance.
Interior remodeling improvements for commercial properties.
Handicapped accessibility improvements for commercial properties.
Roof and parapet wall improvements or repairs.
Heating, ventilation, air conditioning and lighting improvements.
Energy improvements and activities addressing health safety and building code non-compliance areas will be considered high priority projects. Funding for these activities shall be considered first before any other proposed rehabilitation activities.
For more information or to get an application please call Audra Shaneman at 507.233.2113.