Downtown Loan Program
Downtown Two Rivers offers a unique blend of full service shops and beautiful ambiance. The City of Two Rivers can offer a 3% fixed rate loan for up to 8 years for purchase of property in the Business Improvement District plus financing for machinery, equipment, and/or working capital.
Typical Loan Conditions
- 100% financing for asset purchase with first lien on asset or comparable collateral.
- Company provides dollar for dollar match.
- City allowed to review monthly/quarterly financials.
- Company maintains hazard insurance.
- Personal guarantee.
- Key person life insurance.
- Company shall not move outside of city.
- Non-discrimination clause.
- Hire 1 full-time employee per $20,000 borrowed.
- Other conditions apply.
Typical Loan Terms
- 3% fixed rate up to 8 years or life of asset
- Amortization may be longer than 8 years, but must be repaid in 8 years.
- Terms may be modified.
- No prepayment penalty.
- Loans may not exceed $500,000.
- Working capital loans (inventory and direct labor costs) up to $50,000 with collateral.
- Other conditions apply.
Business/Marketing Plan
- Executive summary with mission, goals, objectives, background information.
- Organizational plan.
- Marketing plan.
- Financial plan.
