Each of three, new, Morrison Community Improvement Fund Programs has criteria, in order to receive funding. Those specifics are listed below.
1) Opportunity Fund Grant Program – $5000 Maximum Per Request (MADC will budget $10,000 per year for this program.)
Miscellaneous Requests
- Available to anyone within the 61270 zip code.
- Paying the first year fee for Chamber membership for all new businesses.
- Addressing any requests from the Morrison mapping committee for marketing and development programming.
- Providing a one-time voucher for new Morrison home buyers, for use on first month of City water-sewer (maximum value $350.)
- One-time payment of first month rent for anyone who has obtained a degree or certificate from a post-secondary institution within six months of request date that will have a job with a Morrison company (maximum value $750, cannot be accessed more than once, including as a couple.)
- Miscellaneous request from business owner to develop new property or purchase equipment that may not need to access RLF program.
Development Expenses
- Build out City services to a property (water, sewer, fiber.)
- Grant for new business expenses for any new businesses locating in the City’s Arts, Cultural and Entertainment district (maximum value $500, accessed one time.)
- Website development expenses.
2) Business Façade and Beautification Loan Program – $5000 Maximum Per Request (MADC will budget $20,000 per year for this program.)
- Program to encourage improvement and investment to the overall revitalization of Morrison businesses. Program provides funds for exterior improvements to a property owner’s or tenant’s commercial building, that will be aesthetically pleasing and conforming to local design guidelines (including Morrison Historic Preservation Commission, should the property lie within the district).
- Program is available to any business within the 61270 zip code. All applicants must provide written bids with application. There is no financial review required to participate in this program.
- 50% Matching Funds Program; with repayment of funds up to three years at 0% interest, to allow for reinvestment in additional properties. Loan must be repaid in full prior to submitting an additional request for funds.
- $100 application fee payable to MADC if loan is approved.
- Can be dovetailed with City Building Improvement Program.
3) Revolving Loan Program
- Provide GAP financing for local capital projects with a minimum request of $10,000 up to a maximum of $50,000. Does not include operating expenses.
- Interest rate shall be 3% with loan terms as follows: Machinery 5-7 years depending on the expected life of the machinery; Real Estate 20 years maximum.
- Payments shall be due monthly on the first day of each month until fully repaid.
- Collateral acceptable to the MCIF Committee may be required.
- Job creation or retention is encouraged but not required.
- If project is funded, there is a $100 application fee.
- Application is required.
- Final approval is subject to the favorable recommendation by the MCIF Review Committee to the MADC Board.