Manchester Offering Loans to Downtown Business for Reinvestment - NBC Connecticut

Manchester Offering Loans to Downtown Business for Reinvestment

    processing...

    NEWSLETTERS

    Manchester Offering Loans to Business for Reinvestment

    The town is offering no-interest loans to current and prospective downtown business owners looking to spruce up their property or bring older buildings up to code.

    (Published Monday, Jan. 7, 2019)

    Downtown Manchester is on the move: from new stores opening to a $1 million parking upgrade. The town is stepping up to help business owners roll up their sleeves and keep the transformation going.

    Fixing an older building can be expensive and sometimes hard to find the cash. But a new town program hopes to lend a hand and encourage reinvestment in this area.

    At TouchbyJ Hair by Jeicoby Salon & Spa in Manchester…

    “I love the town. I love the street. I love all of the local businesses,” explained Scott Lanney, co-owner of TouchbyJ Hair by Jeicoby Salon & Spa.

    Lanney is excited about the future of the store and the downtown area. The shop recently expanded on Main Street and is now planning a facelift for the façade.

    “So far the town is giving us the thumbs up on that and they’re actually suggesting they can help us pay for that which is a huge asset,” Lanney said.

    The town is offering no-interest loans to current and prospective owners looking to spruce up their property or bring older buildings up to code.

    In a statement the mayor wrote in part:

    “Downtown is the heart of the Manchester community and we are excited to launch this initiative to make it even better.”

    Businesses can apply for loans from $25,000 to $250,000.

    Michael Mack lives downtown and supports helping local stores and trying to bring more here.

    “I would like to see more businesses, you know. Vacancies, it’s not good for the economy or eyesores,” Mack said.

    Businesses have to act quickly: the money is only available this year and next year or until the $750,000 runs out. The loans are part of an initiative called Downtown 2020, which also includes reducing a special mill rate and capital improvements. Learn more here.

    Get the latest from NBC Connecticut anywhere, anytime