Nanci Wirt (left) received approval from the Gateway Mile Loan Fund for improvements to her gallery at 503 S. Main St., Elkhart. Since moving to the locaation, she had improved the facade and updated the mechanics in the building. Staff photo by Trevor Wendzonka
ELKHART — Looking to start a business downtown or maybe renovate the one you already own?
The city would like to remind downtown business owners, or potential business owners, of a loan program the city offers to help defray the cost of making improvements in the downtown area.
In 2014, the city established the Gateway Mile Loan Fund, which provides loans of up to $200,000 to qualifying businesses for expanding, renovating or acquiring assets.
The fund was started by six banks that provided $1.6 million to the loan fund. Loans can be made to both commercial real estate owners and businesses leasing commercial real estate.
“A city’s downtown is the most visible reflection of the community,” Neese said in a press release. “Development there has a direct positive impact throughout the city and encourages further economic development. This unique loan program helps investors obtain the funds they need to put their plans into action and increase the vibrancy of our commercial district.”
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