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“Bank on Blue Ridge” loan program launched by the Blue Ridge DDA

The City of Blue Ridge’s
new Downtown Development
Authority (DDA) would like
to encourage participation in
the “Bank on Blue Ridge” program,
a loan program to encourage
the economic development
of the Central Business
District. Through the Georgia
Cities Foundation and GA Department
of Economic Affairs,
the program provides below market-rate gap financing to spur
commercial redevelopment.

Eligible funds are intended to be used to fund the purchase
of real estate (land and property), expansion and rehabilitation
and/or equipment. The funds are not eligible to be used for
operating capital, payment of taxes and product development.
“The program sponsored by the Georgia Cities Foundation’s
revolving fund helped me In the purchase of my building in
downtown Blue Ridge by offering me a low interest loan that
in conjunction with a loan from my bank, resulted in a blended
mortgage rate below what was being offered at the time from
traditional lending institutions. The program is geared toward
improvements or purchases of buildings in small downtowns.
Our DDA can help others in facilitating the process of revitalizing
Blue Ridge’s downtown area. The process takes some
time but is well worth the investment.”

Cesar Martinez, DDA Chairman

Applicants for funds must demonstrate that they have a viable
downtown project that is consistent with the community’s
plans for downtown development, have a positive economic
impact, and clearly identify the proposed uses of the loan
funds. The process involves a review and approval process by
the Blue Ridge DDA, prior to submission to lending institutions.
Businesses and entrepreneurs interested in the “Bank on
Blue Ridge” loan program should contact the Downtown Development
Authority for further information. cesarmart2dda@
gmail.com

For full information of the Program and rules, please visit
www.georgiacitiesfoundation.org. The DDA does notguarantee
approval or create Program rules

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