An innovative loan program offered by the City of Lake City is continuing to expand as an excellent source of financing for businesses in town. The Brick and Mortar loan program was created in 2015, and officials needed to use money from the Local Option Sales Tax (LOST) fund to get things up and running. Administrator, Eric Wood, says they have increased the number of loans awarded each year and are getting closer to the program being able to operate without outside support.
Multiple loans of up to $10,000 have been used for everything from restoring the outside of business’ facades to purchasing much-needed equipment. Wood says proof of the program’s success can be found in a recent example from the Lake City Food Center.
The no-interest loans are generally required to be paid back within a few years, and applications are considered on a case-by-case basis. The Brick and Mortar Committee is meeting again in the near future to consider another recent applications. According to Wood, Lake City is one of the only communities in the region that uses an idea like this. Businesses interested in applying to the Brick and Mortar program are encouraged to contact city hall at 712-464-3111.
