Having a mini-business emergency?
Want to grow your business with Main Street?
Apply for LENT Funds!
2020 LENT (Light at the End of the Tunnel) MICROLOAN FUND
Low Interest Loan Program for
Port Townsend Commercial Historic Districts
Upcoming Quarterly Application Dates
January 15, 2020 • April 15, 2020
July 15, 2020• October 15, 2020
**Emergency applications will be reviewed in a time sensitive manner.
Purpose of LENT Funds: LENT Low-Interest Microloan Funds are a tool to offset some of the financial impacts businesses endure from emergency situations, though business development proposals will be considered. Funds are made available through the Port Townsend Main Street Program and in part through First Federal. Upon your re-payment of the loan funds, the money will be returned to the Port Townsend Main Street Program for recirculating as part of future LENT Fund microloans. The Port Townsend Main Street program may also earmark funds for specific projects which will benefit Port Townsend’s commercial historic districts (i.e. holiday lighting/off season marketing).
Priority will be given to business owners with shops in the commercial historic districts that are experiencing a loss of business due to natural disaster, infrastructure failure, major equipment failure, etc. Priority will also be given to impactful infrastructure projects that would benefit not only the business applying, but neighboring businesses and the local economy as well. Business growth projects will also be considered, but only in deference to emergency projects (Main Street earmarks $4000 in funding for emergencies only). If you’re not sure whether or not your project qualifies, please call or email the Main Street office to discuss it. Even if we can’t fund your project through LENT, we may be able to point you in the right direction!
Minimum Loan $500/Maximum Loan $4,000:
0% interest for one year; payoff within three years with incremental interest rate increase up to 5%. (Note that amounts under $1,000 must be repaid in one year.)
12 months………………………………… 0%
18 months $1,000 and up……… 1%
24 months………………………………… 3%
30 months $1,500 and up……… 4%
36 months $2,000 and up……… 5%
Businesses that would otherwise qualify for conventional financing will not be considered for LENT Microloans.
Please see the form below: