After a year’s absence, four Dubuque banks have joined together to bring back the Dubuque Main Street (DMS) Loan Pool program. The 2016 program offers an all-time low fixed interest rate of 3.75% on eligible projects. In addition, the Loan Pool’s geographic coverage area has been expanded to include Dubuque Main Street’s newest district of service, the South Port.
U.S. Bank, Premier Bank, Dubuque Bank & Trust, and American Trust & Savings Bank have each committed $750,000 to assist commercial property owners, developers, and tenants with rehabilitation and adaptive reuse projects in the downtown area. The combined $3 million is earmarked to fund renovations to commercial properties located in one of DMS’s nine historic service districts, which extends approximately from Railroad Ave./S. Locust to 22nd St. between Bluff St. and the North and South Ports of Dubuque.
The application deadline for this program is September 1, 2016, with loan closing required by October 31, 2016. Applicants will be subject to normal commercial credit and collateral requirements. Loans to any one borrower may range from $25,000 to $250,000.
Interested parties may contact Dan LoBianco with the DMS office at (563) 588-4400 or a commercial loan officer at any participating bank.