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Commercial Rehabilitation Loan Program

FRANKLIN SOUTHAMPTON ECONOMIC

Foundation Rolling (Quarterly) Small Business GrantsCommunity Development Grants
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Funding Amount

$5,000 - $35,000

Deadline

Rolling / Open

Grant Type

foundation

Overview

Commercial Rehabilitation Loan Program

Overview: Revolving loan fund for restoration, renovation, rehabilitation, and preservation of commercial buildings within the City of Franklin.

Administrator: City of Franklin

Geographic Scope: City of Franklin, Virginia (within corporate limits)

Award Amount: $5,000 - $35,000

Interest Rate: Fixed 1% above prime per annum

Loan Term: Up to 7 years maximum

Eligibility Requirements:

  • Located within corporate limits of City of Franklin

  • Improvements limited to restoration, renovation, rehabilitation, and preservation of commercial buildings and structures

  • No refinancing of earlier low-interest loans

  • No current delinquent payments

  • No delinquent payments for one year prior to application

  • Good standing with City of Franklin

    • What They Fund:

  • Physical improvements to commercial facilities

  • Up to 10% of loan amount may be applied to soft costs for hiring approved architects, architectural designers, interior designers, or contractors to prepare façade improvement plans and specifications

  • Building restoration and renovation projects only (no equipment or working capital)

    • Review Committee:

  • City of Franklin Department of Community Development representative

  • Franklin Southampton Economic Development, Inc. representative

  • Franklin Southampton Area Chamber of Commerce representative

  • Downtown Franklin Association, Inc. representative

    • Contact Information:

  • Phone: 757-562-1958

  • Email: info@franklinsouthamptonva.com

  • Address: 601 North Mechanic Street, Suite 300, Franklin, VA 23851

    • How to Apply

    Application Process

    1. Application Format: Formal application available in program guidelines
    2. Submission: Submit to City of Franklin Community Development Department
    3. Required Documentation:
    - Completed Commercial Loan Program application
    - Financial documentation
    - Project plans and specifications
    - Property information and collateral details
    - Design guidelines compliance documentation
    4. Review Committee Evaluation: Applicants reviewed based on:
    - Financial feasibility
    - Collateral requirements
    - Design guidelines compliance
    5. Approval Timeline: Committee review and approval process
    6. Repayment: Equal monthly installments commencing first of month after project completion

    Application Materials:

  • Commercial Loan Program guidelines (downloadable)

  • Application form (downloadable)

    • Contact for Application:

  • Phone: 757-562-1958

  • Email: info@franklinsouthamptonva.com

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    Focus Areas & Funding Uses

    Fields of Work

    small-businessescommunity-development

    Categories

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