The business improvement loan program assists property owners in preserving primarily historically significant commercial properties in the downtown Bryan area. This area is defined by the following boundaries: Texas Avenue and Parker Avenue (east-west) and Martin Luther King Boulevard and 29th Street (north-south).
Loan amounts can range from $1,000 to $50,000 and terms can range from one to ten years. The interest rate is fixed at 4%. Loans will not be approved for work that is in progress or has already been completed. As a general rule, loans will only be provided to cover the gap between the required amount and that amount provided by commercial financing or owners' funds. This is in the form of a 50/50 match up to the maximum loan amount. The other 50% can come from commercial or private lenders or from owners' funds. Loans may be provided for:
Code violation corrections
Hazardous material abatement
Assistance will be provided on a first come, first serve basis to eligible and ready applicants. All assistance is limited based on availability of funding. Eligibility requirements are listed below. To apply, contact Community Development.
The applicant must be the owner of record for the building under consideration.
All taxes must be current on the property.
The business must be located between Texas Ave. and Parker Ave., Martin Luther King Boulevard and 29th St.
Owners must comply with all regulations affecting the property, its rehab and future use.
The owner must submit an application and complete an approval process.
Work must receive approval from all City departments and appropriate commissions.