Midvale Main Loan Programs

The Redevelopment Agency of Midvale City (RDA) proudly introduces the Midvale Main Business Loan Program, dedicated to fostering the growth and enhancement of businesses within the Main Street Project Area. This initiative is aimed at stimulating business development and expansion by offering loans to businesses operating in or relocating to Midvale's Main Street Project Area. These businesses must demonstrate a commitment to creating a vibrant atmosphere along Midvale Main, contributing to redevelopment, fostering arts and culture, preserving history, and providing spaces for community engagement.

Eligibility Criteria

To qualify for the Midvale Main Business Loan Program, businesses must meet specific criteria, including existing within the Main Street Project Area, relocating to the area, or being a startup in the vicinity. Additional eligibility requirements include current property taxes, a valid business license, and a clean financial history. Public benefit incentives are in place, offering reduced interest rates for projects that exceed the minimum public benefit score.

Loan Types & Use of Funds

The program caters to both startup businesses (0-3 years old) and existing businesses (3+ years old). Loans ranging from $25,000 to $250,000 can be utilized for various purposes such as inventory, marketing, materials, space, labor, supplies, operating maintenance, physical improvement, and real estate purchases.

Terms and Conditions

The terms and conditions for loans vary based on the amount and purpose. Loans for startup costs and expansion expenses have a standard term of 6 months to 5 years, while loans for physical improvement and real estate purchases under $25,000 or over $25,000 have different terms. Collateral requirements, background checks, and credit score considerations are outlined for each category.

Public Benefit Criteria

Projects are evaluated based on public benefit criteria, including economic impact, public amenity, permanent job creation, and street activation. Businesses can earn a reduced interest rate for projects that surpass the minimum public benefit score, fostering a commitment to community enhancement. Higher scores in these categories may lead to interest rate reductions or eligibility for 0% interest loans.

Loan Evaluation Process

The Midvale Redevelopment Agency Board evaluates loan applications, considering factors such as financial feasibility, undue financial benefits to the applicant, identification of capital sources, and adherence to public benefit criteria. The agency encourages private lending institution participation and may subordinate its security interest to private lenders.

Application Process

The application process involves two parts – Part A and Part B. Successful completion of Part A leads to the submission of Part B along with a non-refundable application fee. The loan evaluation process ensures that the project aligns with the program's goals and community benefit.

The Midvale Main Business Loan Program is not just about financial support; it's about fostering a thriving business community, preserving the city's history, and creating an environment where businesses can flourish. As Midvale redefines its Main Street, the program stands as a testament to the city's commitment to economic growth, community engagement, and a vibrant future.

The Midvale Redevelopment Agency (RDA) is proud to introduce the Midvale Main Adaptive Reuse Loan Program, an initiative designed to encourage and support the revitalization of existing buildings within the Main Street Project Area. The program aims to foster transformative development that not only preserves the area's historical charm but also contributes to its economic vitality.

Purpose and Objectives

The primary goal of the Midvale Main Adaptive Reuse Loan Program is to promote adaptive reuse and revitalization. By offering loans to property owners within the Main Street Project Area, the RDA aims to create a sense of place, fostering redevelopment, supporting arts and culture, celebrating history, and providing spaces for community gathering and recreation.

Eligibility Criteria

To be eligible for the program, property owners must meet specific criteria, including ownership or purchase of property within Midvale's Main Street Project Area, current payment of property taxes, a commitment to project completion, and a positive credit history. The eligibility criteria ensure that projects align with the program's goals and contribute positively to the community.

Loan Types and Use of Funds

The program offers loans for physical improvement and real estate purchases, categorized by project size. Loans under $25,000 and those over $25,000 have distinct eligibility requirements. Funds can be used for various purposes, including land and building acquisition, construction and renovation, facade improvements, energy upgrades, and compliance with building codes.

Public Benefit Criteria

Projects are evaluated based on public benefit criteria, including economic impact, public amenities, historic character preservation, beautification, street activation, sustainability, architecture, urban design, and affordable housing. Higher scores in these categories may lead to interest rate reductions or eligibility for 0% interest loans.

Loan Process

The application process involves two parts, with a preliminary review taking approximately 10 business days. Successful applicants move to the second part, requiring submission of a non-refundable fee and additional documentation. The Redevelopment Agency Board evaluates each application, considering factors such as project feasibility and financial responsibility.

Loan Evaluation

The loan evaluation takes into account an applicant's credit history, ability to repay, management ability, business experience, and adherence to public benefit criteria. The RDA encourages private lending institution participation and may subordinate its security interest to private lenders.

Required Documents

Applicants must submit various financial, business, and collateral documents for loan consideration. These documents include sources and uses, development budgets, operating pro forma, credit reports, personal financial statements, and more.

The Midvale Main Adaptive Reuse Loan Program represents a significant step towards preserving our community's heritage while fostering economic growth. It encourages property owners to embark on transformative projects that benefit both the individual and the community at large.