Lowry Hill East Commercial Loan
The Lowry Hill East Neighborhood Association (LHENA) seeks to assist commercial property owners in the rehabilitation of existing commercial properties.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.
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About the Loan
- No maximum income limit.
- 3% APR.
- Loan amounts from $2,500 to $30,000.
- Terms up to 10 years.
Property Eligibility
- Commercial businesses within the Lowry Hill East, Whittier, East Isles, South Uptown, and Lowry Hill neighborhoods.
- Loan approval is subject to credit and program guidelines.
Current Rates
Subject to change at any time. APR based on loan amount of $30,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 3% | 5 years | 3% | $17.97 |
| 3% | 10 years | 3% | $9.66 |
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Based on current rates. Qualifications apply.
Loan Details
- 20% match required.
- Fixed interest rate.
- Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received.
- Improvements to correct code violations and OSHA / ADA improvements.
- Additional improvements include: awnings, windows, doors, sidewalks, energy efficiency improvements, insulation, lighting, tuck pointing.
- 2 bids are required from a qualified licensed contractor if the project exceeds $15,000.
- All projects must receive prior approval from Lowry Hill East Neighborhood Association.
- Our experience has shown that Big Box Stores are not willing to be paid on completion, which is a requirement for this program.
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).
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