Businesses in the Niles Main Street district have an opportunity to renovate their buildings, thanks to a new program, which offers low interest loans and façade grants targeted at helping businesses cover the cost for updates.
The program comes after an unexpected donation was offered to Mayor Nick Shelton late last year. The anonymous investor approached Shelton with the donation funds to improve the downtown, but before they could be utilized, those involved were tasked with creating a plan for the money.
Last week, Shelton, in collaboration with the Niles Main Street Downtown Development Authority, announced those plans were in place.
The money will cover projects intended to improve infrastructure work such as roof, electric, plumbing or HVAC updates.
Encouraging reinvestment in the downtown area was key to creating the program, Shelton said.
“[This] could be as small as a fresh coat of paint or as big as new windows and new siding,” Shelton said.
The opportunity consists of three programs.
For program one, businesses may apply for a low interest loan of up to $5,000, which will be paid back at a 2.6 percent interest rate over a maximum of three years. The loan money is available if they show an investment of their own dollars for at least 25 percent of the $5,000. The second option allows business owners to apply for a façade grant, which matches 50 percent of a project for up to $5,000. For example, $5,000 of a $10,000 project could be covered by grant funding, which would not have to be paid back. The third program part allows for businesses to receive free design assistance. Those interested may apply for all three programs, but they must apply for each program separately, Shelton said.
A total of $69,500 is available, Croteau said the funding will be distributed on a first come first serve basis.
“This is a huge opportunity for downtown businesses and property owners to update the appearances of their building,” Shelton said. “The better our downtown businesses look, the more marketable they become and the more marketable our entire town becomes.”
Croteau said that the donor’s choice influenced the application of money, but also because the value of the downtown as the face of Niles is clear.
“Any place you have ever been, you think of the downtown and it doesn’t matter if you are talking about Chicago, Buchanan or South Bend, whatever city you think of it is kind of the face of the community.”
Croteau encouraged businesses to consider the opportunity.
“If you are looking to do any of these types of improvements it is good money and it is a good way to make sure you get what needs to be done,” Croteau said. “[It is] cost effective and affordable.”
According to Croteau, one business has already expressed interest in the program.
The program is available to those with property, a building or business in the Niles Main Street district.
For more information contact Croteau at (269) 687-4332 or lisa@uncoverniles.com.