Main Street McMinnville | Invest | Incentives | Main Street McMinnville Low Interest Loan

Main Street McMinnville Low Interest Loan

Maximum Loan:

Maximum Amortization:

Rate:

1% Below New York Prime
Fixed rates, below market rates, may be considered by the lending institution upon request of the applicant *

Allowable Expenditures:

Acquisition and rehabilitation of the property
Interior and exterior rehabilitation, with exterior renovation as a priority
New construction and demolition, at the discretion of the Main Street Design Committee
Labor, materials, architectural and engineering fees

Disallowable Expenditures:

Approval:

The Main Street Design Committee must approve each application. The project will then be forwarded to the lending institution selected by the applicant. The project must begin within 90 days of loan approval.

Special Conditions:

The applicant must submit a “design plan” detailing the substance of the proposed project, including sketches/drawings, as well as an estimated budget and a timetable for completion
Any proposed deviations from the approved “design plan” MUST be presented to the Design Committee for approval or the low interest rates will no longer apply to the project
Applicants must agree to comply with any additional recommendations of the Design Committee to ensure sensitive rehabilitation of commercial properties

Application Procedure:

Download a Low Interest Loan Application
After completing the application form, contact the Main Street Director at (931) 506-5335 for an initial review of the project and to discuss the process.
The completed application will be reviewed by the Main Street Design Committee.
After receiving Design Committee approval contact the financial institution of your choice from the list below to complete the loan process.
Prior to beginning construction contact the City Planner at the Department of Building and Codes at (931) 473-1204, and request an application form for a Certificate of Appropriateness. You may also download an application at www.mcminnvilletenn.com. Complete the application form and return to Jim Brock. He will forward the application to the Historic Zoning Commission for review and approval. A building permit will be issued once the application has been approved.

Currently, the following McMinnville area financial institution are participating in the Main Street McMinnville Low Interest Loan Program:

Regions Bank (Debbie Kell)
101 E. Main Street
(931) 473-2147