CBD Loan Program

Goals and Objectives
The Quincy Central Business District Revolving Loan Program was established to stimulate the preservation and revitalization of the city’s historic downtown by providing financial assistance to any current or prospective purchaser of commercial or commercial/residential properties for business purposes in the core area bounded by the Riverfront, Twelfth Street, Oak Street and Payson Avenue.
 
Program Function
The program objective is to assist, but not replace conventional financing. The program will provide low interest loans up to a maximum of $50,000, or fifty percent of the project cost, whichever is less, at a three (3%) percent interest rate for eligible projects to be used in combination with bank financing and owner equity. The owner must provide a minimum of twenty-percent equity in one form or another.
 
Funds can be used for:
  • Land or Building Acquisition for commercial and/or commercial/residential (for business use)
Funds cannot be used for:
  • Demolition
  • Refinancing of existing debt
  • Purchase of property for speculative purposes
  • Private owner-occupied housing projects
Loan Terms
The loan terms will be determined by agreement between the participating bank and the city on a case-by-case basis. Loans may be amortized over a period up to but not exceeding twenty-years, but must have a ten-year maturity. Loans must be secured by collateral sufficient to assure repayment and the city will require a shared first position with the lead bank on any such security. Acceptable security could be in the form of a mortgage or other commonly accepted instrument.
 
Application Process
Applicants must complete an application form available from the Department of Planning & Development, along with other conventional financial information attached and submit to the applicant’s preferred lending institution (“Lead Bank”)