Montgomery Development Fund

PROGRAM SUMMARY

The Montgomery Development Fund (MDF) was established to provide financial support to new or expanding business in the Village; and:

  • To encourage economic development by supporting projects that create or retain jobs.

  • To encourage area financial institutions to work with the Village and to utilize MDF programs to better serve its customers and Montgomery.

  • To support projects and investments that protect and expand the tax base. MDF capital will initially be used to fund two programs.

FUNDING PROGRAMS


FORGIVABLE LOAN PROGRAM
The Forgivable Loan Program is funded by approximately one-third of available funds and focuses on retail and commercial businesses.
Details of the program and satisfaction requirements per the Forgivable Loan details will result in a forgiveness of the loan. 

Activities funded through this program include:

  • Signage
  • Landscaping
  • Exterior Cleaning
  • Window or Door Repairs and Replacements
  • Tuck Pointing
  • Addition of Awnings or Canopies
  • Restoration of Historic or Architectural Details
  • Removal of Inappropriate Coverings or Elements
  • Roofing or Guttering Work
  • Exterior Structural Repairs
  • Shutters

LOW INTEREST LOAN
The Low Interest Loan Program utilizes the funds additional reserves and can be used for retail, commercial, industrial, manufacturing, or distribution center projects. The interest rate will be fixed for the term of the loan and may vary as a function of the amount, equity, security, and purpose of the loan. 

Activities funded through this program include:

  • Aquisition of Land, Building, or Fixed Assets
  • Site Preparation, Construction, or Rehabilitation of Commercial or Industrial Buildings
  • Clearance, Demolition, Removal of Buildings, and Improvements
  • Purchase and Installation of Machinery and Equipment
  • Construction of Water and Sewer Lines in Support of Job Creation or Retention