The Port Townsend Main Street Program offers several loan options for businesses in the Commercial Historic Districts. These include HUD Low Interest Loans, which are available for rehabilitating commercial buildings, and the LENT Low Interest Loan Program, which helps offset financial impacts from emergency situations. Proposals for business development are also considered under these programs.
LENT Low Interest Loan Program
Having a mini-business emergency?
Apply for LENT Funds!
2024 LENT (Light at the End of the Tunnel) MICROLOAN FUND
Low Interest Loan Program for
Port Townsend Commercial Historic Districts
Upcoming Application Dates
Spring – March 15, 2024 at 5 pm.
Fall – October 15, 2024 at 5 pm.
**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:
PTMS LENT Fund Application_2024[1]
HUD Loan Program
Low Interest Loans Available to Rehab Commercial Buildings
in Port Townsend’s Commercial Historic Districts
HUD LOAN APPLICATION DUE DATE:
Spring – March 15, 2024 at 5 pm.
Fall – October 15, 2024 at 5 pm.
These funds can help property owners accomplish historic preservation goals and safety improvements in their buildings and is available to commercial buildings in Port Townsend’s Downtown and Uptown Commercial Historic Districts. With these funds, building owners have painted the exterior of their buildings, repaired roofs, fixed staircases, re-pointed brick facades, installed windows and improved the safety of their buildings.
PLEASE NOTE: No retroactive proposals, thank you.
Some of the projects funded in the past include The Terry Building, The Gallus Rutz Building, Aldrich’s Grocery, US Bank Building, the C.F. Clapp Building, the Sorge Building, the Mary Webster Building, the Miller Burkett Building, the James and Hastings Building, the Bartlett Building, the Rose Theatre Building, the Green Eyeshade Building, the Palace Hotel, the Captain Tabbal’s Building, the Hastings Building, the Kuhn Building, the Good Templars Hall, the Port Townsend Athletic Club Building and the Abracadabra Building.
Applicants fill out a brief application, include a photo of the building, total budget, provide financial information, timeline for work, two estimates and funding amount requested. Applications can be downloaded from Main Street’s website. Forms are also available at the Main Street office in the Mount Baker Block Building, 211 Taylor Street, 2nd floor, Suite #3. Completed applications must be returned to the Port Townsend Main Street Program office at 211 Taylor Street, #3, Port Townsend WA 98368 by the deadlines: Spring deadline: March 15th, 2024 at 5 pm; Fall deadline: Oct. 15th, 2024 at 5 pm.
Loan amounts may be between $1,000 to $40,000 with a ten-year term. Interest charges are set at 5%, but with early repayment, your interest could be as low as 0%.
Contact the office at (360)385-7911 or email director@ptmainstreet.org for more information.
*Please note that due to City of Port Townsend regulations applications are subject to requirements of the Public Records Act*
Grant Programs
Department of Archaeology and Historic Preservation
https://dahp.wa.gov/grants-and-funding