Loan Money Available for Tenney-Lapham Businesses
The City of Madison Community Development Block Grant (CDBG) has targeted
over $60,000 to the Tenney-Lapham Neighborhood for loans to area small businesses.
Money should be available soon, and interested applicants should apply
now.
Loan requests may range from $2,000 to $20,000. Applicants should be owner-operators
who work in the business themselves, or who expect to create new jobs.
Loan funds can be used for a variety of purposes, but are aimed at helping
start-up businesses move into vacant store fronts, or assist tenant businesses
in acquiring business real estate or otherwise expand operations.
Interest rates may be as low as 3%, and the program will also provide grants
of up to $300 for applicants to obtain technical assistance from consultants
or in the form of "scholarships" to attend business courses.
People interested in finding out more about the program can contact Teena
Browder at the Cork & Bottle, or call Dave Scholtens at the Madison
Development Corporation at 256-2799. Madison Development Corporation (MDC)
will manage the program and review loan applications.
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