Morrison Community Improvement Fund Programs Fact Sheet

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Each of three, new, Morrison Community Improvement Fund Programs has criteria, in order to receive funding. Those specifics are listed below.

1) Opportunity Fund Grant Program – $5000 Maximum Per Request (MADC will budget $10,000 per year for this program.)

Miscellaneous Requests

  • Available to anyone within the 61270 zip code.
  • Paying the first year fee for Chamber membership for all new businesses.
  • Addressing any requests from the Morrison mapping committee for marketing and development programming.
  • Providing a one-time voucher for new Morrison home buyers, for use on first month of City water-sewer (maximum value $350.)
  • One-time payment of first month rent for anyone who has obtained a degree or certificate from a post-secondary institution within six months of request date that will have a job with a Morrison company (maximum value $750, cannot be accessed more than once, including as a couple.)
  • Miscellaneous request from business owner to develop new property or purchase equipment that may not need to access RLF program.

Development Expenses

  • Build out City services to a property (water, sewer, fiber.)
  • Grant for new business expenses for any new businesses locating in the City’s Arts, Cultural and Entertainment district (maximum value $500, accessed one time.)
  • Website development expenses.

2) Business Façade and Beautification Loan Program – $5000 Maximum Per Request (MADC will budget $20,000 per year for this program.)

  • Program to encourage improvement and investment to the overall revitalization of Morrison businesses. Program provides funds for exterior improvements to a property owner’s or tenant’s commercial building, that will be aesthetically pleasing and conforming to local design guidelines (including Morrison Historic Preservation Commission, should the property lie within the district).
  • Program is available to any business within the 61270 zip code. All applicants must provide written bids with application. There is no financial review required to participate in this program.
  • 50% Matching Funds Program; with repayment of funds up to three years at 0% interest, to allow for reinvestment in additional properties. Loan must be repaid in full prior to submitting an additional request for funds.
  • $100 application fee payable to MADC if loan is approved.
  • Can be dovetailed with City Building Improvement Program.

3) Revolving Loan Program

  • Provide GAP financing for local capital projects with a minimum request of $10,000 up to a maximum of $50,000. Does not include operating expenses.
  • Interest rate shall be 3% with loan terms as follows: Machinery 5-7 years depending on the expected life of the machinery; Real Estate 20 years maximum.
  • Payments shall be due monthly on the first day of each month until fully repaid.
  • Collateral acceptable to the MCIF Committee may be required.
  • Job creation or retention is encouraged but not required.
  • If project is funded, there is a $100 application fee.
  • Application is required.
  • Final approval is subject to the favorable recommendation by the MCIF Review Committee to the MADC Board.