DOWNTOWN WATERTOWN
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 Map
Businesses inside the outlined area in the image below are considered within the Urban Renewal District boundaries.
Program Details
- Façade
- Windows, doors, signage, siding, tuck pointing, sidewalks, etc.
- Electrical and Mechanical
- Power, lighting, HVAC, plumbing, etc.
- Structural
- Basements, roofing, etc.
- Remodeling
- 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
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 mheaton@wdcsd.com.
Program Contacts
