The City of Moorhead is now accepting applications for the next round of Storefront Rehab Program loans. Junkyard Brewing Company, Sol Ave. Kitchen, and First Ave Promo are businesses that have already used the program to make improvements to their storefronts on 1st Avenue North.
The program provides financial assistance to small business owners to encourage the revitalization of older commercial properties in the Moorhead Renaissance Zone. A property owner in the Moorhead Renaissance Zone can apply for a forgivable loan to improve their storefront facade.
Funds can be used to fund exterior renovation such as exterior doors, windows, awnings, exterior graphics, exterior lighting, and other facade or permanent landscape improvements (hardscapes). General property maintenance, parking or roofing repair, removable signs, and electronic message boards are not eligible.
Forgivable Loan Details
- The loan amount can vary from a minimum of $5,000 to $25,000 per storefront.
- Requires 50% matching funds (cash or other loans).
- 0% interest deferred, forgivable after 5 years of business.
The next round of applications will be accepted through March 31, 2020. The application must include a budget with quotes, a photo, and scale drawings of proposed facade changes. An architectural review is preferred. Applicants are responsible for closing costs.