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Building Up Business Loans

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 years 1-3 and 4% interest years 4-5
- 5-year note with 20-year amortization

Building Up Business Loan Application
Building Up Business Overview 2008

Please call Britta Fisher, Director of Community & Small Business Development at 720-259-1030 to have your questions answered today.

Building Up Business Loan Program Overview

The Building Up Business Loan Program 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.  The purpose of the program is to encourage existing and new business development by providing financing for façade improvements, interior renovations, and small business equipment purchases.

ELIGIBLE PROPERTY: All commercial properties on 38th Avenue between Sheridan and Wadsworth.

ELIGIBLE PROJECT COSTS:  Exterior façade 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.

PURPOSE:  This program is intended to encourage new façade improvements, large scale renovations, significant investment in commercial properties along the 38th Avenue Corridor, and not to perform routine maintenance or minor upgrades.  The purpose is to fulfill the goals of the Neighborhood Revitalization Strategy (NRS).

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 up to 3 years, and 4% interest for years 4 and 5 .

ELIGIBLE BORROWERS:  Business owners or Building owners located in the target area.          

LOAN FEES:  $250.00 application fee plus legal and closing costs. 

DESIGN CONSTRUCTION ASSISTANCE:  Professional design assistance may be available through the Wheat Ridge Business District Revitalization Incentive Program.

APPROVAL CRITERIA:   Evidence of sufficient cash flow to repay and sufficient 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 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 Liens, and any Miscellaneous Invoices.

 

FOR INFORMATION AND APPLICATION CONTACT WHEAT RIDGE 2020

Ms. Britta Fisher, Director of Community and Small Business Development

Phone:  720-259-1030      Fax:  303-940-9332     Email:  bfisher@wheatridge2020.org

www.WheatRidge2020.org