FAIRFIELD — The Fairfield Area Chamber of Commerce, Community 1st Credit Union, First National Bank in Fairfield, Iowa State Bank & Trust Company of Fairfield, Libertyville Savings Bank and MidWest/One/Bank have endorsed the continuation of the Chamber’s Fairfield Revitalization Fund program for new and existing retail businesses within three blocks of the Fairfield square and in the New Chicago area.
“The fund targeted for small and emerging businesses in downtown Fairfield and the surrounding area features reauthorization and participation of five financial institutions,” Nancy Morrissey, Chamber executive director, said. “Community 1st Credit Union, First National Bank in Fairfield, Iowa State Bank & Trust Company of Fairfield, Libertyville Savings Bank and MidWest/One/Bank will offer low-interest business loans to qualifying businesses through Aug. 31, 2014.”
“The Chamber Revitalization Fund has helped many businesses in the downtown and strengthened our local retail,” said Fairfield Mayor Ed Malloy. "As we begin our planning for downtown façade restoration, the Chamber Revitalization Fund will play a vital part in restoring our square to its original glory and continue the work of beautifying our community.”
The maximum size of the loans is $100,000 with a five-year guaranteed fixed rate of 3.75 percent. Other terms and conditions may be determined by the participating financial institution. Uses of funds permitted include building purchase, rehabilitation, equipment purchase, inventory expansion and working capital.
In order to qualify for the fund, businesses or business start-ups must be physically located within the qualifying area. Loans are available for building owners and/or tenants. Applicants must be able to demonstrate a projected net increase in occupancy and/or job creation. Interested parties should contact the Fairfield Area Chamber of Commerce, where application materials are available. The applications are then reviewed by a five-member committee for recommendation and action.
For more information on the fund or to apply, contact Nancy Morrissey at the Chamber at 641-472-2111 or firstname.lastname@example.org.