franklin development corporation programming is designed to encourage investment in the community and to incentivize rehabilitation to a higher standard.
Please refer to the calendar dates on the Board Meetings page for submission deadlines!
Commercial Revolving Loan Fund
The Commercial Revolving Loan Fund (CRLF) program is similar to the Residential Revolving Loan Fund program, but focuses on commercial properties rather than residential. This low-interest loan fund is designed to encourage business owners and commercial property owners to invest in commercial properties in Franklin’s historic downtown and within the Integrated Economic Development Area. As property owners improve their buildings, it is hoped that additional businesses will choose to relocate to the downtown area, that residents will choose to purchase homes in the downtown area to be nearer to these businesses, and that additional investment from property owners and potential property owners will begin to take place. The Commercial Revolving Loan Fund is intended to encourage investment in downtown commercial properties. Many of these property owners may not be able to get a loan approval from traditional lending sources; therefore, this program is designed to fill in the gap. The FDC will not provide financing to borrowers who have no reasonable ability to repay the loan. It is not the FDC’s intent to cause a borrower to lose his/her property due to an improvement project. A prudent, but generous approach will be taken with respect to underwriting guidelines. Property owners are only eligible for one commercial loan at a time.
The rationale for the program is that a cleaned up ‘front door’ to the city (i.e. S.R. 44, King Street, North and South Main Street, Monroe Street, Madison Street, etc.) will benefit the entire community by creating a more attractive environment to showcase the many amenities the city offers. These amenities will attract new business, new residents and new visitors (read: shoppers) to our community. The resulting increased demand for retail space and housing in downtown Franklin and across the city will boost residential and commercial property values. To put it simply, spending money to improve the look of our ‘front door’ makes the whole community look better.
The Residential Revolving Loan Program is back! The Franklin Development Corporation's Residential Revolving Loan Fund is a cooperative community project developed to encourage and aid the rehabilitation/renovation of historic and/or underutilized homes and buildings located within the Integrated Economic Development Area of historic Franklin. Income limitations apply and are included in the application packet below. Percentages of the loan that will be forgiven range from 50-100% based on occupancy and income.