Gillett offers loans to businesses for renovations

The City of Gillett has unveiled a $500,000 cooperative loan program to assist with commercial renovations in conjunction with planned road improvements in the city.

Called the Gillett Commercial Revitalization Program, its goals are to reduce renovation costs and associated financing costs to business owners, and coordinate commercial renovations with the planned street reconstruction of State Highway 22 and County Highway BB.

The reconstruction is expected wit take place within the next five years.

“The city wants to reduce the costs of renovation and help provide resources to enable our businesses to stimulate their growth and development,” said Mayor Thomas Lietz.

The program is a combined grant and loan from participating banks, Oconto County Business Development Revolving Loan Fund and the City of Gillett.

Business owners are encouraged to retain the character of the original structure and encourage compatibility with approved design guidelines. Design guidelines have been developed in concert with local businesses and Revitalize Gillett Inc. to serve as a resource and stimulate ideas on renovation alternatives.

Each project chosen for funding will be provided either a grant from the City of Gillett of up to 10 percent of the increased assessable value or a low interest loan to help offset design and engineering costs. The work must conform to all codes and design guidelines and must be done by a licensed contractor.

The amount awarded to each project will be determined on a project-by-project basis.

“Oconto County is excited to be a partner in this project,” said Oconto County Board chairman Lee Rymer. “It involves all aspects of the community and is a model of cooperation”.

Oconto County is a participant in the program since Gillett does not have the resources of their own Revolving Loan Fund.

The participating lenders are Wells Fargo Bank, Community Bank Financial, Peshtigo National Bank, Citizens Bank, and the Oconto County Business Development Revolving Loan Fund.

A brochure describing the program will be available May 1 from Gillett City Hall and participating lenders.

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Gillett offers loans to businesses for renovations

The City of Gillett has unveiled a $500,000 cooperative loan program to assist with commercial renovations in conjunction with planned road improvements in the city.