What is the Re-Investment Program?
The Re-Investment Program is a special fund for low interest loans intended to encourage reinvestment in the Downtown Development Authority district of East Jordan. The program is administered by the East Jordan Area Chamber of Commerce.
Why has the Program been established?
East Jordan is a special area with a lot of potential. It is in the beautiful Jordan Valley, on the Jordan River as well as Lake Charlevoix. It includes many historical buildings and homes of significant architectural value.
Unfortunately the business district has made little or no reinvestment in this area. The East Jordan Chamber, together with our community banks, believes the appearance of the buildings are critical to improving the business atmosphere and is the key to being a catalyst in the City of East Jordan.
What buildings are eligible?
Restoration or renovation of existing commercial parcels within the City of East Jordan and designated areas* are eligible.
Since the purpose of the loan program is to improve and enhance the existing characteristics of each building, only improvements which preserve and enhance these special features will be eligible. (Based on approval by the Design Review Committee).
If applicant is not a member in good standing of the East Jordan Area Chamber of Commerce, a fee of $300.00 will be charged for design committee administrative costs.
How can you benefit from the Program?
Through the cooperation of local banks, Huntington National Bank and Charlevoix State Bank, a loan fund totaling $200,000 has been established.
Money may be borrowed at a low floating interest rate of 1% above prime as established by the New York banks and is published in the Wall Street Journal at the time the loan documents are signed. Qualified borrowers can obtain up to $50,000 at this rate with a payback term of up to 20 years with a 5 year balloon note.
What is the application procedure?
1. Call the Chamber (536-7351) and set up a time to meet with the Design Review Committee; this will help identify the appropriate scope of work for the renovation before investing time and money in drawings and specifications.
2. Based on discussion with the Design Review Committee, develop a description (written or drawn) of the proposed improvements.
3. Meet with your licensed contractor to determine project costs and completion date.
4. Obtain final approval of your plans by the Design Review Committee.
5. Meet with the bank of your choice to apply for the loan. Bank approval is independent from Design Review Committee approval and is subject to normal bank underwriting standards.
6. Complete the work and enjoy the added value and improved image of your business.
7. This program terminates December 31, 2009 and is to be reevaluated by the participating financial institutions and the East Jordan Area Chamber of Commerce in January 2010. In the event this program is discontinued, you are encouraged to consider your improvements in 2009.
*Includes landscape, architecture, electrical, plumbing, roofing, frontal and rear facades, flooring, signage, etc.