Revolving Loan Program
The Powered Locally Revolving Loan Program
The Ortonville DDA has been awarded a USDA Rural Business Development Grant. The funds from this grant will be used to develop a Revolving Loan Program to loan funds to small business and commercial property owners within the Ortonville DDA District. This program will address and prioritize the issue of underutilized or vacant commercial properties due to insufficient septic capacity, aged septic systems, and the relationship between septic capacity and intended property use. This effort is consistent with the DDA's strategic objective to build and facilitate a comprehensive Business Development Program that will spur economic development, provide tools and resources to existing businesses, recruit potential new businesses and engage consumers.
Small businesses and commercial property owners are significantly impacted by the need to upgrade aged septic systems with insufficient capacities. Commercial property owners will now be able to apply for a low or no interest loan to fund upgrades to their property's septic system. As funds are repaid, the program funds are replenished and available for use by another business or commercial property owner.
Ortonville Downtown Development Authority (DDA) administers this program as the recipient of the USDA Rural Business Development Grant.
The DDA has a goal of creating or retaining at least one full time job for each $10,000 loaned from the RLF. This program is available to Gateway, Downtown, M-15 Corridor Commercial, and Workplace zoned for-profit businesses, landowners, and corporations within the Village limits.
Eligible Project Types
Loan funds will be used to finance and/or develop small and emerging private business enterprises in the Village of Ortonville based on septic limitations causing underutilized commercial properties including:
- Acquisition and development of land/easements/rights-of-way for Septic upgrade
- Field/System construction, conversion, enlargement, repairs or modernization
- Technical assistance to address septic limitations for private business enterprises
- Septic System Engineering
- Legal assistance related to septic upgrade project
- Environmental Studies
- Municipal Permit/Tests/Fees