PORT TOWNSEND — Deadlines for the Port Townsend Main Street Program’s small-business loans are quickly approaching.
Applications are due March 31 for federal Housing and Urban Development (HUD) loans and April 3 for Light at the End of the Tunnel (LENT) micro-loans.
Both are to help business owners in Port Townsend’s historic uptown and downtown districts.
In the HUD loan program, business owners can apply for low-interest loans from $1,000 to $40,000 for upgrades or repairs to a historic commercial building.
“The first priority is public safety,” said Mari Mullen, Main Street Program director. “It’s really about the care and preservation of commercial historic buildings.”
The HUD loan has been offered through the Main Street Program since 1988 and has been used to restore the Kuhn Building, Aldrich’s Grocery, the U.S. Bank building, the Rose Theatre, the Port Townsend Athletic Club and Jefferson Community School.
The loan has been used for a variety of projects including repairing structural damage, replacing windows, fixing brickwork and adding safety measures.
Loans are on a 10-year term. Interest is set at 5 percent, but with early repayment, that can go down to zero percent.
The Main Street Program offers LENT micro-loans to help small businesses deal with one-time business expenses.
Mullen said this loan has been used for such unforeseen business expenses as a leaky roof or a broken water heater.
“It can be a one-time expense and usually things that aren’t covered by normal bank loans,” Mullen said. “The first priority will be given to emergency issues.”
More information on the loans can be found by contacting the Main Street Program at 360-385-7911 or emailing director@mainstreet.org.
Applications can be found at the Main Street website, www.ptmainstreet.org, under the “Resources” tab.
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Jefferson County Editor/Reporter Cydney McFarland can be reached at 360-385-2335, ext. 55052, or at cmcfarland@peninsuladailynews.com.
