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Loan Programs
City of Escanaba Downtown Revolving Loan Program
This is a City of Escanaba program that focuses on job creation and retention downtown. The amount of money available will be based in part by the jobs created with a cap of $35,000. Commercial and retail property owners can borrow from these funds. Repayment is between 5 and 7 years. Interest rates are set to prime and adjusted every three years of the loan. Downtown loans are for permanent improvements.
For more information contact City Hall at 786-0240.
Commercial Facade Loan Prgram
Eligible commercial property owners may apply for a 0% interest free loan to make exterior improvements to their commercial property.
The commercial building must have been built before 1968 and be within the City limits of Escanaba.
The loan proceeds must be used to finance property improvements, which substantially protect or improve the basic suitability of the property with an emphasis on historical rehabilitation. (Work already started or completed is not eligible).
Funds are limited to $10,000 per loan applicant at 0% interest with seven-year loan maturity.
For additional details, please contact James V. O'Toole at the City of Escanaba Community Preservation Department at (906) 786-9402, email address: jotoole@escanaba.org, or stop at City Hall, Second Floor, 410 Ludington Street, Escanaba, to review the program guidelines and/or pick up an application package.
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