The Northeast Tennessee Economic Development Corporation has announced that Elizabethton is the newest community to join their prominent Downtown Loan Program. Dollars recaptured from another loan program are funding this project.
“We have always had a desire to expand the Downtown Loan Program, and now is the best time to invest in our local economy. Being able to provide local, low-interest rate funding to our small businesses is a winning strategy for a community like Elizabethton,” said Ken Rea, Deputy Director of Economic and Community Development. Rea continued, “As a regional entity, the Northeast Tennessee Economic Development Corporation’s purpose is to facilitate opportunities such as the Downtown Loan Program as well as our Business Development Loan Program. The two loan programs may be combined for additional funding to local businesses that qualify. Our loan board seeks to make sound investments in our local economies that strengthen local jobs and economic diversity.”
The collaborative effort of Courtney Bean, Main Street Director for Elizabethton, Logan Engle, Director of Planning and Economic Development for the City of Elizabethton along with Ken Rea brought this program to fruition. The goal of the partnership between our local communities and NETEDC is to build resilient businesses with an opportunity for future growth without the heavy strings of higher interest rates. “We are excited to see how this opportunity can support the growth of our downtown district! This partnership with NETEDC can open new doors for our business owners, from interior renovations to outside preservation and everything in-between. We appreciate this opportunity and cannot wait to see its positive impacts on downtown for years to come,” Said Courtney Bean, Main Street Director for the City of Elizabethton.
Local businesses can partner with their bank of choice and leverage funding from the Downtown Business Loan program to enhance their businesses through equipment purchases, building renovation, or building purchases. There are also funds available for direct loans up to $25,000. NETEDC looks forward to announcing other downtown partnerships so.
For more information on NETEDC or Downtown Loan Programs, please contact Ken Rea, krea@ftdd.org.