City Launches Repayable Loan Program for Investors of Underutilized Buildings Share

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The City of Mar­i­on Rede­vel­op­ment Com­mis­sion (RDC) has launched a new Repayable Loan Pro­gram to sup­port pri­vate invest­ment in the reha­bil­i­ta­tion and improve­ment of under­uti­lized build­ings across the city.

The pro­gram will make up to $1 mil­lion avail­able annu­al­ly, with loans of up to $200,000 per project, focused on cap­i­tal improve­ments that strength­en exist­ing busi­ness­es and pro­mote long-term rede­vel­op­ment. Projects must lever­age sig­nif­i­cant pri­vate invest­ment and align with the City’s rede­vel­op­ment priorities.

Loans will fea­ture flex­i­ble terms, includ­ing below-mar­ket inter­est rates and the poten­tial for an ini­tial inter­est-only peri­od, and will be offered on a rolling basis until avail­able funds are com­mit­ted. The pro­gram will be admin­is­tered in part­ner­ship with the Mar­i­on Com­mu­ni­ty Devel­op­ment Cor­po­ra­tion (CDC).

“This is a prac­ti­cal tool to help move rede­vel­op­ment projects for­ward and encour­age rein­vest­ment in Mar­i­on,” said Joe Mur­phy, Exec­u­tive Direc­tor of the Mar­i­on Rede­vel­op­ment Commission.