Community Development Advisory Board
LOAN PROGRAM CHANGES
The Community Development Advisory Board (CDAB) oversees three finance programs within the City of Thief River Falls: the Commercial Energy Renovation Loan Program, the Storefront Renovation Loan Program, and the Revolving Loan Fund.
The CDAB recently made significant changes to all three programs, increasing the upper limits for each of the loans, as well as adding scale and flexibility.
- The Commercial Energy Renovation Loan program upper limit was increased to $100,000, up from the previous limit of $75,000.
- The Storefront Renovation Loan program upper limit was increased to $35,000, up from the previous limit of $15,000.
- The Revolving Loan Fund saw several significant changes. The amount of the loan has been extended to $50,000 per job created or retained, with a maximum loan amount of $250,000 or the lessor of 75 percent of the total cost of the project. (Previously, the amount per loan was $10,000 per job.) Also, the program is now open to industrial, manufacturing, processing, service, retail, wholesale or distribution businesses. Previously, the program only accepted applications for industrial type projects.
The CDAB is a public sector board made up of local government officials and business leaders. The purpose of the board and the loan funds that they administer is to stimulate economic growth in Thief River Falls.
More information and application forms for the three programs may be found here.