Downtown Kingsport Loan Program
Purpose
The Downtown Kingsport Loan program provides a financial opportunity for small business owners, property owners, or investors to purchase or renovate a downtown property; or to purchase equipment for the direct purpose of business creation, expansion, or retention. It offers the possibility of:
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A low-interest loan of up to $25,000 (in some circumstances the loan can exceed $25,000) to be applied toward the down payment and/or closing costs for any existing or new business within the Downtown Redevelopment District.
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A loan for renovation costs above the financial institution loan.
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A microloan up to $25,000 (in some circumstances the loan can exceed $25,000) to cover renovation of buildings and financing for equipment loans. Click the button below to view the brochure.
How the Program Works
Your business is purchasing a building in downtown Kingsport for $100,000. You also plan on making $80,000 worth of renovations to the building for a project cost of $180,000. A down payment of $36,000 (20% of $180,000) and closing costs of $4,000 total $40,000.
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Financing could be as follows:
Participating Bank
$144,000
80% for 15 Years
Prime Plus 1.5%
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Downtown Loan Program
$20,000
For 10 Years at 4%
Your $20,000
Investment
$184,000
