Fairfield Revitalization Loan Program Expanded
The Fairfield Revitalization Fund for retail businesses has been expanded by the Fairfield Chamber of Commerce and cooperating financial institutions.
Bob Phipps, the Chamber's Executive Vice President, announced that the program has essentially doubled the size of its loans to a maximum amount of $100,000. The program is worth $2 million in all.
Phipps says that after meeting with officials at the participating financial institutions, it was agreed that the program would be expanded. Participating in the program are Central Valley Bank, First National Bank, Iowa State Bank & Trust, and Libertyville Savings Bank.
Phipps says retail businesses within three blocks of the Square can first apply for the loans at the Chamber. After initial approval, the business can then go a participating bank to present their plans for the funds.
The loans can be used for major capital purchases such as real estate, remodeling, equipment, and expansions. Businesses interested in the program must meet eligibility requirements set by the Fairfield Revitalization Fund Committee.
Phipps says that several shops have benefited from the revitalization funds. Applications are available at the Chamber offices at 204 West Broadway. 641-472-2111