Bristol's Downtown Redevelopment Loan Pool Program

 

 


The downtown‐specific loan pool is now available to facilitate investment and business development in downtown
Bristol
by providing property and/or small business owners with low interest down payments and closing cost
assistance, including business development costs such as business plans, legal incorporation of business and
other business start‐up costs.

It is designed to encourage new or existing businesses or housing to locate in the specified DowntownBristol
Redevelopment Project Area, which includes an area encompassing all of downtown Bristol TN/VAas well as the
 TN/VA State Street corridor from 24th Street, to Pennsylvania Avenue.

Participating banks include Bank of Tennessee, BB&T Bank, Citizen’s Bank, First Tennessee Bank, Green Bank and
Highlands Union Bank who have each contributed from $10K to $25K to the program.

Administration of the loan program, including originating and servicing of all loans made under this program, will
be through People Incorporated Financial Services.

Those eligible to apply to the Loan Pool Program include: for profit businesses; individuals; partnerships;
non‐
profit organizations and; government agencies. Applicants must be willing to contract for management
and technical assistance if determined to be necessary by the Loan Review Committee and/or the Program
Administrator. All loans must meet Community Reinvestment Act compliance guidelines for participating banks.

Potential applicants will meet with the Bristol Business Resource Center, where consultants will be
available for initial review, potential revenue and expense projections of the project, and business plan
development. People Incorporated Financial Services will have final loan review and will make final
approval.

For additional information about the Bristol Downtown Redevelopment Loan Pool Program, contact Karen
Witcher, Bristol Business Resource Center, (423) 989-4850.