The City of Mankato is offering new tools for business owners to reinvest or expand their facilities. The best part? You could be eligible for a forgivable loan.
Program offerings such as these are made available to align with Mankato’s Strategic Plan by making a visible and substantial impact upon building conditions, community appearance and overall quality of life in the area.
The two new loan opportunities are for exterior and interior improvements on commercial properties located within city limits.
Applications are accepted on a first-come, first-serve basis:
- Commercial Rehabilitation Program: eligible commercial property owners may apply for a deferred loan up to $25,000 (per property) if located in targeted areas (view application). Approved loans will be provided at zero percent interest rate and require no monthly payments. A 50% match is required for the loan which will be secured through a mortgage on the property to be improved. Loans are forgiven after a 10-year period (provided property ownership is not transferred).
- Valley Opportunities Revolving Loan Program: commercial properties within the City of Mankato (view application for details) that have an assessed value up to $500,000 may apply for a 3% interest loan up to $20,000 (per property) to be paid over 10 years. Applicants can also request a $5,000 deferred loan for exterior improvements to be forgiven over five years. Both loans require a 50% match.
To apply or learn more, please contact Courtney Kramlinger, Economic Development Specialist with the City of Mankato.