The City of Plainwell has determined that a portion of the revenues collected by the Downtown Development Authority (DDA) should be used to enhance the building facades found in the city, stimulate job creation, and facilitate business success. Local funds from the city in the amount of $7,500 are being combined with $30,000 from the United States Department of Agriculture (USDA) to establish a second Small Business Revolving Loan Fund program from which low interest loans can be distributed to qualified applicants. The loan program was first established in 2007 with $20,000 from the USDA.
The City of Plainwell’s Small Business Revolving Loan Program is a unique financing program designed to assist businesses in the City of Plainwell. The goal of the program is to stimulate economic growth and create or preserve jobs by providing flexible financing to businesses. The Fund is designed to be used in conjunction with other financing/funds, including private investment, bank loans, and other sources.
Project priorities include the provision of financial incentives for quality facade development, rehabilitation and improvement of commercial buildings in the City of Plainwell, remediation of blight or code violations in the downtown district, as well as operating money reasonably required by the business to sustain its growth.
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