Windom Park Commercial Loan
The Windom Park Citizens in Action seeks to assist commercial property owners in the exterior rehabilitation of existing commercial properties.
The guidelines below are subject to change at any time without notice. Grant funds are subject to availability.
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About the Loan
- Fixed 2% APR.
- Loan amounts up to $50,000.
- Terms up to 10 years.
Eligibility
- Commercial properties located within the boundaries of the Windom Park Neighborhood.
- Various interior and exterior rehabilitation projects that are safety, insulation, flooring, energy efficiency and more (see below for full list).
Current Rates
Subject to change at any time. APR based on loan amount of $50,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 2% | 5 years | 2% | $17.53 |
| 2% | 10 years | 2% | $9.20 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
- Loan amounts up to $50,000.
- Fixed rate of 2%
- Existing commercial properties within the Windom Park Neighborhood.
- 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 include project that improve energy savings and efficiency or other green sustainability practices; improve street amenities such as lighting, bike parking, benches, and decorative trash receptacles; preserve historic faces and meet the needs of the neighborhood marketplace, and where possible utilize vacant or problem properties in the neighborhood; interior rehabilitation projects that are safety, insulation, flooring, HVAC and/or fire suppression improvements.
- Prior to applying for the loan with CEE, applicants must submit their project to the WPCiA council for approval.
- 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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