JLDC Cuts Interest Rates On Its Loans
In an attempt to revive interest in development, the Jamestown Local Development Corp. has significantly lowered interest rates on nine of the 10 different loans it offers - something it hasn’t done since 1996.
”We thought we’d take a shot at lowering the interest rates on most of our loans,” said Steve Centi, the city’s Department of Development director. ”It’s a decision that was driven largely by the economic climate and what’s going on with the market, but we also wanted to see if we could generate additional interest in our program.”
The JLDC, which will turn 30 later this year, is the lending agency of Jamestown’s Department of Development. It offers a series of loans that can be used for business start-up, real estate acquisition and renovation, machinery or equipment purchases, artisan development, downtown restaurant development, technology-based business development and energy-efficiency improvements to commercial and industrial buildings.
Loans through the JLDC range from $35,000 to $350,000 and term lengths vary between five and 10 years depending, in some cases, on the collateral offered. All of the JLDC’s loans are fixed-rate loans, Centi said. Interest rates on nine of its 10 different loans were lowered by a full half-percent and now range between 3 and 6.5 percent interest.