Revolving Loan Program

What is the Revolving Loan Program?

DDD offers a low interest loan to property owners and business owners in our District for up to $75,000 with an interest rate of 2 points below prime. Applicants for the loan fund must be a registered sole proprietorship, partnership or corporation established for doing business in the DDD. Renovations are not limited to façade only, eligible projects include: acquisition of land for industrial or commercial use, acquisition of improved properties with development potential for industrial or commercial use limited to owner or tenant occupancy, start-up and/or expansion of businesses in the DDD, rehabilitation and renovation of usable vacant buildings for specific industrial or commercial use in the DDD.


Use of Funds

Renovations are not limited to façade only, eligible projects include:

- Acquisition of land for industrial or commercial use

- Acquisition of improved properties with development potential for industrial or commercial use limited to owner or tenant occupancy

- Start-up and/or expansion of businesses in the DDD

- Rehabilitation and renovation of usable vacant buildings for specific industrial or commercial use in the DDD.

 

Ineligible projects will be the following:

- Loan funds to re-finance existing debts.

- Loan funds cannot be used to finance projects outside of the boundaries of the district.


Types of Loans

Furniture, Fixtures & Equipment (FF&E):

- Must be repaid within 5 years

 - DDD will loan applicant 50% of the inventory value.

 - This loan is not to exceed $25,000

- No minimum loan amount

- Loans of $10,000.00 or less must be repaid in three (3) years. 

Unsecured:

            - Must be repaid within 3 year payments 

- This loan is not to exceed $25,000

- No minimum loan amount

 - Loans of $10,000.00 or less must be repaid in three (3) years. 

Secured

- Must be repaid within 10 years

- This loan is not to exceed $75,000

 - No minimum loan amount

 - Loans of $10,000.00 or less must be repaid in three (3) years. 


 

Download the Revolving Loan Application HERE.

Checklist for initial review can be found HERE.

The Hammond Downtown Development District is an equal opportunity provider.