The Falls City Chamber of Commerce & Main Street created a revolving loan fund to assist in building physical improvements in the spring of 2025.
This loan program provides a low-interest flexible loan amount determined by project review on a case-by-case basis for property within Falls City city limits to develop and maintain commercial spaces and/or upper story residential units through permanent physical improvements.
* For profit and non-profit applicants are eligible.
* The applicant must be a member in good standing of the Falls City Chamber of Commerce.
* The amount of the loan requested must be between $2,000 and $10,000. The maximum loan amount is also subject to the Falls City Chamber & Main Street’s available capital and the scope of the project.
* Written permission of the property owner is required.
* Loan terms are for 1 year at a fixed 3% interest rate.
* All projects must be completed and all funds expended within 12 months from the execution of the loan agreement; or another time frame if approved. The applicant shall identify the projected start and ends dates on the application.
* Loan payments must begin within 30 days of work completion.
* Principal and interest will be repaid in equal installments for the term of the loan. Loan payments will be due monthly and payable by check to the Falls City Chamber & Main Street. The loan committee may consider alternative payment schedules upon request.
* Funds must be used for permanent physical improvements to the property, including but not limited to structural improvements, building additions or expansions, upper story apartment development, mechanical or electrical upgrades, HVAC work, roof work, ADA upgrades, code compliance issues, permanent site improvements, paint, window and/or door repair, storefront renovation or restoration, false façade removal, tuck pointing, interior construction and awnings.
* The loan may NOT be used for gap financing, property purchase, refinancing of existing debt, work already completed, non-permanent items, inventory, fixtures, furnishings, payroll or other business operation expenses. See the Falls City Chamber & Main Street Executive Director for more funding opportunities for these endeavors.
* The applicant must demonstrate the proposed project is viable and that the business has the economic ability to repay the funds.
* Planned improvements are subject to current city codes & ordinances. The applicant is responsible for acquiring all necessary permits and approvals.
* Property & improvements must be reasonably maintained throughout the loan cycle and for 3 years after completion. The Falls City Chamber & Main Street has the right to inspect the project to ensure all work completed is satisfactory including quality of materials and workmanship. The City of Falls City will make the final inspection, if required, to ensure conformance with applicable codes.
* The applicant will need to complete a loan application, sign a loan agreement and promissory note.
* If the project fails to comply with the terms of the agreement, or fails to use the loan for only those purposes set forth, the Falls City Chamber & Main Street may terminate the contract in whole, in part or accelerate payment of all principal and accrued interest, and may immediately declare the loan due and payment at any time before the date of completion.
To find more information on the loan program and access the application, click here.
To find more funding local funding opportunities, visit the EDGE website.
Also find regional and state funding and business resources here.