Central Business District-Revolving Loan Fund

The Quincy Central Business District - Revolving Loan Fund (CBD-RLF) was established in 1983 when the City received Community Development Block Grant funding. The money was used to stimulate the preservation and revitalization of the city's historic downtown by providing funding for building renovations to current or prospective owners of commercial or commercial/residential properties used for business purposes in the core area spanning from the Riverfront to 12th Street from Oak Street to Payson Avenue.

The objective of the program is to assist conventional funding, not replace it. The program will provide low-interest loans up to a maximum of $50,000 or 50% of the project cost (whichever is less) at a 3% interest rate for eligible projects to be used in combination with bank financing and owner equity. The owner must provide a minimum of 20% equity.

Funds cannot be used for demolition, refinancing of existing debt, purchase of property for speculative purposes and private owner-occupied housing projects.

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.

Applicants must complete a CBD-RLF application and submit with other conventional financial information to the applicant's preferred lending institution. 

Loan Program Brochure(PDF, 1MB)

Loan Program Application(PDF, 200KB)

TESKA Downtown Study 1996 (Central Business District Revitalization Plan) (PDF, 6MB)

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