Downtown Beverly Program Gives Commercial Property Owners Low-rate Loans

The Beverly Citizen recently reported that Beverly Main Streets has announced the 2011 “Banking on Beverly” Downtown Improvement Program, which will give downtown property owners an opportunity to receive below-market-rate loans from six local banks.

The six banks involved with the program include the Beverly Cooperative Bank, Danversbank, Eastern Bank, North Shore Bank, Salem Five and TD Bank. $1.5 million in loans will be given at below-market-rates to downtown commercial property owners as incentive to improve and rehab their buildings. Loan of up to $100,000 will be available for qualifying projects.  

Before receiving a loan, projects must receive pre-approval by the Beverly Main Streets Design Committee. Improvements on the exterior and interior of buildings will be considered.

“Eligible projects must be situated within the Main Streets District, which generally includes Cabot and Rantoul Streets from the Veterans Memorial Bridge to Gloucester Crossing, Park Street and River Street and the areas situated between.”

Read the entire Beverly Citizen article.