Columbia City Implements Business Loan Program

By Scott Sarvay

November 15, 2010 Updated Nov 15, 2010 at 7:24 PM EDT

COLUMBIA CITY, Ind. (Indiana's NewsCenter) - Leaders in Columbia City say if they don't do something, their downtown district will become a place too tough to do business.

They say there's a major funding gap between bank loans and how much money businesses truly need to turn a profit.

But add in the new ingredient of a "revolving loan fund" and owners could now have a fighting chance.

Officials say the loan could cover up to 90-percent of a total project, or $50,000 for new development in undeveloped downtown areas.

Redevelopment Commission Chairperson Carl Siler says, “When you come to second and third levels of these buildings, these levels is were probably well over 70 percent unutilized or under utilized."

Siler says the low-interest loan application is expected to be available, online, in the next couple of weeks.

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