New London establishes revolving loan program to help beautify the city

New London — The City’s Office of Development and Planning has established a new revolving loan program to assist building owners to make needed repairs.

The new program will provide applicants with loans of up to $10,000 to address roof repairs and building damage caused by water infiltration. To qualify for the no-interest loans, building owners must follow an open and fair competitive bidding process and project repairs must be completed within eight months.

The program is designed to support the renovation and rehabilitation of historic commercial and/or mixed-use properties throughout New London. For the purposes of the loans, “historic” properties are defined as being at least 50 years old and having some historic, cultural or architectural significance. With $120,000 dedicated for this program coming from the city’s revolving loan fund, applications for the loans will be reviewed based upon the availability of funds, project readiness and meeting all other program requirements.

For more information, please contact Tom Bombria, Community and Economic Development project coordinator, at (860) 437-6346 or tbombria@ci.new-london.ct.us.

 

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