Facade Improvement Program
Economic Development and Improvement Commission
Facade Improvement Matching Loan Program
The Town of Wethersfield has established a matching loan program to provide a source of financial assistance to commercial property owners and tenants for exterior enhancements to properties located in the town's business districts.
The program is designed to assist with the revitalization of commercial properties by encouraging the rehabilitation and renovation of commercial buildings.
Questions & Answers
Who is eligible? Property owners and tenants owning or leasing property in a commercial business district.
Applicants may not owe any taxes to the town, either for the building to be rehabilitated or for any other piece of real or personal property that they own.
What is eligible? Work that results in aesthetic and visual improvements to the exterior of commercial property that is visible from the highway, such as:
- Façade improvements
- Masonry repair
- Parking lot improvements
- Other improvements to the exterior of a commercial property
What are the loan terms? Amortized loans are being offered at a 0% interest rate up to a maximum of $50,000 over a 5 year timeframe.
When are the loan payments due? The loans will be amortized/reduced at a predetermined rate each year and forgiven entirely after 5 years. The town will collect on the entire loan amount if the owner sells, conveys or transfers the property or the business within the first three years after the loan has closed. The loans do not have to be repaid if the business stays in town for the period of the loan terms or if the property is not sold during the loan term.
Who reviews my loan application? Applications will be reviewed by the Economic Development and Improvement Commission Loan Committee. Improvements will be reviewed by the Design Review Advisory Committee in order to insure compliance with applicable design guidelines.
How long will it take to get a decision on my application? Once approval is received from the Design Review Advisory Committee, the Loan Committee will refer all requests to the Economic Development and Improvement Commission (EDIC) within two weeks of application submission. A loan closing will be scheduled as soon as is possible after the work is completed as this is a reimbursement program.
Do I have to match the loan request with my own funds? Yes, the town loan will cover up to 50% of the construction costs and the property owner is expected to provide a match of 50%. Acceptable collateral must be provided to secure the loan amount.
Do I need construction estimates for my project? At least 3 written estimates must be received on all projects funded with this program.
How soon can I close on the loan? This program has been established as a reimbursement program. Loan closings will be scheduled for a date shortly after the project has been completed and evidence of the project costs has been provide to town staff.
Who do I need to talk to? Contact the town's Economic Development Manager, Peter Gillespie at (860) 721-2838 to set up an appointment to discuss your project and to pick up the necessary paperwork.