Morton Business Financing Programs AnnouncedSaturday, October 1, 2011
Today, the Morton Economic Development Council and the Morton Business District Commission announced three new financing programs for local small businesses. “We have been working diligently over the past year to develop several financing tools to assist Morton businesses,” said Jennifer Daly, CEO for the Morton EDC. “Hopefully these three programs will provide some needed assistance.”
The Morton Revolving Loan Fund provides loans of $5,000 - $25,000 over a 5 year term at a low interest rate to pair with traditional financing for the acquisition of property or equipment and property improvements. “This program is ideal for a business that can only receive a portion of a needed loan from their financial institution,” said Daly. “It can fill in that gap to make a project happen.” The Morton RLF is funded through the Morton Business District Fund. Applications will be reviewed monthly as needed.
The Morton Façade Improvement Grant provides small grants of up to $5,000 to commercial property owners and occupants for exterior building and signage improvements. “This grant is open to any business or building owner located in our Business District, which is the vast majority of our businesses,” said Daly. “It is not just for the downtown.” The Morton Façade Improvement Grant is funded through the Morton Business District Fund. Applications are due each year by January 31st and funding is awarded in March.
The Morton MicroGrant provides small grants of up to $5,000 to for-profit business owners interested in starting, moving, or growing a business in Morton. Funds can be used for property improvement or acquisition, equipment purchases, inventory and working capital, and rent subsidies. “This fund is targeted to helping our smallest businesses to locate or grow in Morton,” said Daly. “Sometimes small dollar amounts can really make a difference to this group.” The Morton MicroGrant is funded through a directed investment with the Morton EDC made by Morton Community Bank. Applications are reviewed on a monthly basis as needed.