Are you interested in improving your business?
Is your business located between Sheridan and Wadsworth Boulevards facing 38th Avenue in Wheat Ridge?
If you said yes, you may be interested in the Building Up Business Loan Program. This low-interest loan program is available to businesses interested in making dramatic and visible change on 38th Avenue between Sheridan and Wadsworth.
The loans are:
- Up to $50,000 and up to 80% of project costs
- 0% interest year 1 and 4% interest years 2-5
- 5-year note with 20-year amortization
- Additional 5-year note with variable rate for specific cases
Building Up Business Loan Program Overview
The Building Up Business Loan Program (BUBL) is sponsored and administered by Wheat Ridge, 2020, Inc. with the goal of improving the economic vitality and appearance of a targeted business area on 38th Avenue between Sheridan and Wadsworth Boulevards. The purpose of the program is to encourage existing and new business development by providing financing assistance for facade improvements, interior renovations, and small business equipment purchases.
Eligible Property: All commercial properties on 38th Avenue between Sheridan Boulevard and Wadsworth Boulevard.
Eligible Project Costs: Exterior facade improvements, sign repairs or replacement, interior renovations, small business equipment purchases, new commercial building development. The projects must include exterior improvements visible from the street.
Loan Amounts: Minimum loan amount: $10,000 Maximum loan amount: $50,000
1st or 2nd mortgage loans. Up to 5 year terms with up to 20 year amortizations depending on ownership of property, life of assets, or lease term.
Loan Rates: 0% interest rate first year, 4% interest for years 2 through 5. Additional variable rate option (years 6-10) with interest at prime plus 2% (floor of 4% ceiling of 8%).
Loan Fees: $500.00 non-refundable application fee plus legal and closing costs for loans up to $25,000. $1,000 non-refundable application fee plus legal and closing costs for loans $25,001 to $50,000.
Eligible Borrowers: Business owners or building owners located in the target area.
Design Construction Assistance: Professional design assistance may be available through the Wheat Ridge Business District (WRBD) Revitalization Incentive Program.
Approval Criteria: Evidence of sufficient cash flow to repay and sufficeint collateral to secure the debt. Personal guarantees are required.
Approval Process: WR2020 performs an underwriting process and site visit. Final loan approval will be made by the WR2020 Loan committee.
Taxes: Owners receiving loan funding must be current on all property taxes of the City, County, and School District, City Earned Income Tax, Business Privilege Tax, business license, per capita tax, water and sewer bills, garbage fees, rental unit registration/license fees, municipal loans, and any miscellaneous invoices.