Main Street McMinnville Interest-Free Loan

Maximum Loan:

  • $5,000 (Loans of more than $5,000 will be reviewed and terms determined by the lending institute, Main Street McMinnville Board of Directors and the Borrower)

Maximum Amortization:

  • 24 months

Rate:

  • 0% interest rate

Allowable Expenditures:

  • Façade (front and/or rear) renovation only (i.e. awning removal and/or replacement, brick cleaning, window repair or replacement, exterior paint, etc.)
    New construction and demolition, at the discretion of the Main Street Design Committee
    Labor, materials, architectural and engineering fees

Disallowable Expenditures:

  • Acquisition of property
  • Interior rehabilitation
  • Provision of working capital
  • Financing inventory
  • Refinancing of an existing loan

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.

Application and Approval Procedure:

  • Contact the Main Street Director, Chris Wilson, on (931) 506-5335, and request an Interest-Free Loan Application
  • After completing the application form, meet with the Main Street Director to review the project and 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 Director of Building and Codes, Jim Brock (931) 473-1204, and request an application form for a Certificate of Appropriateness. You may also downtown a copy from 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.

Special Conditions:

  • The applicant must submit a “design plan”, including drawings/sketches, detailing the substance of the proposed project, 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 the zero interest rate to apply to the project.

The following McMinnville area financial institution is participants in the Main Street McMinnville Interest-Free Loan Program:

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

 

Interest-Free Loan Application (PDF)