Morrison, IL, Morrison Area Development Corporation (MADC) Board of Directors is pleased to announce new programs, to aid area businesses. The programs will be managed by a new committee of the Board. The Morrison Community Improvement Fund (MCIF) Committee will be responsible for promotion and oversight of these new programs. Click here to read the Fact Sheet criteria for these programs.
Jerry Lindsey, Morrison Area Development Corporation President, explained, “Our Board wants to encourage business owners in the Morrison 61270 zip code to continue to make improvements to their property. We are hopeful these new programs offer some support for the work they may be completing.”
MADC is committed to the development of the Morrison area and wants to encourage businesses to reinvest in their properties, through three programs that have been developed. The first is the Opportunity Fund Grant Program, which is open to any business in the Morrison zip code. Some of the eligible expenses under this program are to include build out for City services to a property; website development; grants for new business expenses if you locate within the City’s arts, cultural, and entertainment district.
Another new program is the Business Façade and Beautification Loan Program. Applicants can seek a loan of up to $5000 per request, for things like exterior improvements to a commercial property. This program is a 50% matching funds program, with repayment of funds up to three years at 0% interest.
The final new program is a Revolving Loan Program. This program is designed to provide GAP financing for local capital projects, which cannot obtain financing without this MADC-funded program. There is a minimum request of $10,000 up to a maximum of $50,000.
Kevin Schisler, Chair of the MCIF stated, “Our committee looked at the needs of some of our businesses in the community and how we can best assist them in either starting new ventures, expanding, or reinvesting in their properties. We are excited for our first applications and look forward to partnering with our businesses.”
All new programs have dollar limitations and specific parameters. Some have an application fee if the project is approved.
For a complete list and an application, please visit the Incentives and Financing section of the “Doing Business in Morrison” area of the website at www.morrisonareadevelopment.com.