The Central Business District Revolving Loan Program was established to stimulate the preservation and revitalization of the city’s historic downtown by providing financial assistance to a purchaser(s) of commercial or commercial/residential properties for business purposes in the core area bounded by the Riverfront, Twelfth Street, Oak Street and Payson Avenue.
The program provides low-interest loans up to a maximum of $50,000, or 50% of the project cost, whichever is less, for eligible projects to be used in conjunction with bank financing and owner equity. Loans must be in participation with approved bank financing with a ten year maturity. Owner must invest additional amounts equal to or exceeding amount of city loan for costs of renovations and improvements.
Funds cannot be used for demolition, refinancing of existing debt, private owner-occupied housing projects or purchase of property for speculative purposes.
Applicants must complete an application form available at the Quincy Department of Planning & Development. Applications must include a credit memorandum from the lead bank, detailed specifications for proposed renovations along with cost estimates and time frame.
Applications will be presented to a loan committee appointed by the Mayor.
