Downtown business owners will be able to get special loans to update the appearance of their buildings.
The Harris Bank Palatine, 50 N. Brockway St., has set aside $2 million for loans as part of the Downtown Revitalization Plan, organized by the Palatine Downtown Redevelopment Commission.
Business owners may apply for loans up to $100,000, which must be used to upgrade and enhance the building’s exterior. The loan will be available to all qualifying business owners within the downtown Palatine area.
“I’m very, very pleased to hear about this,” said Village President Rita Mullins. “I think it will be the incentive to get people to effect change.”
The rate of the loan will be a half-percent below the prime rate. The maximum term for the loan is five years, but the bank has indicated it may consider longer terms.