(BLOOMINGTON) - The City of Bloomington Department of Economic and Sustainable Development will begin accepting applications for the 2013 BEAD Forgivable Loan Program.
Projects eligible for the loans will be classified into Arts Row or Sector-Focused categories based on geographic location and project type. Arts Row loans incentivize the creation of retail, restaurant, arts space or gallery space in the Arts Row character district of BEAD through $10,000-maximum loans. Sector-focused loans incentivize the creation of retail, arts space or gallery space anywhere in BEAD through $5,000-maximum loans. Loan applications will be accepted on a rolling basis until all funds have been committed or until November 15, 2013, whichever is first.
The loan program is part of the BEAD Strategic Plan and is available to fund new projects that occupy first-floor space and have an active street presence. Both for-profit and non-profit projects are eligible. Because one of BEAD's strategic objective is to promote local development, formula businesses (such as restaurant chains) are ineligible. Applicants must be properly licensed and permitted (if applicable) in order to close on the loan. All current City and Monroe County planning, zoning and building regulations apply.
The BEAD Forgivable Loan program is designed to create an incentive to new development in selected areas of BEAD, a geographically identified and state-designated cultural district in the heart of Bloomington's downtown. The BEAD Forgivable Loan program will offer direct loans from BEAD through the City of Bloomington Department of Economic and Sustainable Development. Loans can be forgiven with no principal or interest due if the project remains in operation for at least five years. The loans will require two-to-one leverage, meaning for every loan dollar granted by BEAD there must be two dollars of financing or equity investment.
Program details, including guidelines, applications and deadlines, can be found at http://bloomington.in.gov/incentives.
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