Urban Renewal Fund

The Watertown Development Company can offer low interest loans to businesses within the Urban Renewal District boundaries. Loan funds can be used for building improvements listed in the section below.  A business can have a maximum of two outstanding Urban Renewal Loans, totaling no more than the maximum amount of $25,000 at any one time. Any current loans must be in good standing prior to receiving additional funds.

Urban Renewal District Boundaries

Urban Renewal District

Boundaries Map

Businesses inside the outlined area in the image below are considered within the Urban Renewal District boundaries.

Program Details

Eligible Expenses
  •  Façade
    • Windows, doors, signage, siding, tuck pointing, sidewalks, etc.
  • Electrical and Mechanical
    • Power, lighting, HVAC, plumbing, etc.
  • Structural
    • Basements, roofing, etc.
  • Remodeling
Ineligible Expenses
  • FFE (Furniture, Fixtures, Equipment)
  • Working capital
  • Inventory
  • $25,000 loan limit
  • 4% interest rate
  • 36 to 66-month term based on amount requested
    • $0-$5,000.00 – 36-month term,
    • $5,000.01 -$10,000.00 – 48-month term,
    • $10,000.01 – $25,000.00 – 66-month term
  • Personal guarantee, promissory note
Approval Process

Once the application and necessary supporting documents are received, the request will be reviewed by a subcommittee of the Downtown Advisory Committee. The applicant may be contacted to answer questions for the panel regarding the project, including but not limited to further explanation of the purpose of the improvements and description(s) of building materials and/or equipment. The Downtown Advisory Committee panel does not underwrite the applications and makes its recommendations based on the project’s eligibility under the program guidelines. Once the panel has made its recommendation, it will be reviewed by the Watertown Development Company for final approval or refusal of the request.


Once completed, please submit the application and all supporting documents to

Program Contacts

WDC staff was great to work with and very helpful with our application. We qualified for the loan and the funds were disbursed quickly so we could stay on track with our project timeline. We really appreciate all the support the WDC provides us as property owners and all the hard work they do for our community.
Angie Reppe, Owner, Gather