DBDA hopes to revive loan programs
The Downtown Uniontown Business District Authority (DBDA) is trying to revive two downtown businesses loan programs that have been dormant for several years. Uniontown Redevelopment Authority Executive Director Bill Long is working with the DBDA to prepare new loan program guidelines, which are needed before the DBDA can begin lending approximately $90,000 that has remained in the program coffers since the previous guidelines expired about three years ago.
At a meeting Tuesday, DBDA board member Steve Neubauer said one program offered zero interest five-year loans if the borrower matches 50 percent of the project cost. The money would come from a DBDA revolving loan fund.
The second program involves variable rate seven-year bank loans at two points under the prime interest rate. Qualified borrowers would have to come up with only 10 to 20 percent of project cost, Neubauer said. “I hope we can get banks involved again,” he said.
He said city businesses can borrow the money for fa?ade renovations or to make repairs needed to comply with the city building code.
Long said he will give the DBDA information about how to resume loaning money and a list of other loan programs so the board can determine how it wants to proceed.
He said loan programs will help the DBDA attract and retain businesses in the city.
Neubauer said Long will have the information ready for the DBDA’s meeting next month.
In another joint venture, the DBDA board unanimously approved an internship program in which Long will oversee a graduate student who will update a 1995 market analysis of all downtown businesses.
Long said the California University of Pennsylvania student will update information like the number of tenants in buildings, vacancies, rental rates, taxes paid, building uses and available square feet.
He said the student might also be asked to apply the information for other projects.
Neubauer said the analysis could serve as an inventory that will help the DBDA in its efforts improve the downtown business area.